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Oil price slides on concern over OPEC-Russia deal on output

March 6, 2020

Via: ABC News

VIENNA — The price of oil is slumping amid doubts that OPEC will succeed in agreeing with ally Russia on cutting production to support prices as the virus outbreak disrupts the global economy.

The cartel is trying to convince Russia and other non-member producers to join in deep production cuts to prevent weak oil prices from falling even further.

Russia’s energy minister, Alexander Novak, entered the OPEC headquarters without answering journalist’s questions as officials prepared to take up the cartel’s proposal to cut output by 1.5 million barrels a day, of 1.5% of world production.

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