MOSCOW/DUBAI/LONDON (Reuters) – Oil producers need to resume cooperation in an effort to stabilize the global market, Russian and OPEC officials said, as the industry reels from a demand and price collapse caused by the coronavirus pandemic and an emerging price war. A three-year supply pact between the Organization of the Petroleum Exporting Countries (OPEC) and other producers, including Russia, fell apart this month, prompting OPEC to remove limits on its output. One of the reasons for the breakdown of the deal between OPEC and other producers, a group known as OPEC+, was Russia’s reluctance to support bigger curbs to output.
A big jump in Coronavirus cases around the world is creating turmoil in an oil market that’s already oversupplied.
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