Russian Deputy OilMin: OPEC+ members remain in contact

In an interview with the Russian media outlet, Interfax (IFX), the country’s Deputy Energy Minister Pavel Sorokin said that the OPEC and its allies (OPEC+) remain in contact despite the fallout in the oil output cut policy in February.

He predicted that the US oil production could fall by 1.5mln b/d in 2020 with the oil price at $30-$35 barrel.

Oil price reaction

Oil prices are trading mixed so far this Friday, with WTI up nearly 1% at $22.80 while Brent oil drops by that much to trade around the 26 mark.