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OPEC+ calls off technical talks, mediation attempts fail

16 March 2020 16:26 (UTC +04:00)

An OPEC and non-OPEC technical meeting planned for Wednesday in Vienna has been called off as attempts to mediate between Saudi Arabia and Russia after the collapse of their supply cut pact made no progress, sources said on Monday, APA reports citing Reuters.

A deal to cut oil output struck by the Organization of the Petroleum Exporting Countries and allies led by Russia - a grouping known as OPEC+ that pumps over 40% of the world’s oil - is due to expire at the end of this month.

The panel, called the Joint Technical Committee, advises OPEC+ oil ministers.

Oil LCOc1 has fallen 39% to $31 a barrel since a ministerial meeting on March 6 collapsed without a deal to deepen or extend the cuts.

“It’s called off,” one of the sources said, without giving a reason. It was not immediately clear if the meeting would be rescheduled and some staff at OPEC’s headquarters are working from home as a coronavirus precaution.