Brent Oil Price Drops To $ 31.74
The cost of the April WTI oil futures fell by 48.9% and is at around $ 27.72 per barrel. Oil is falling amid news that OPEC+ countries, following the results of negotiations in Vienna, could not agree on an additional reduction in oil production amid falling demand due to coronavirus.
OPEC proposed to further reduce production by 1.5 million barrels per day until the end of 2020. However, Russia and Kazakhstan opposed this proposal. The Russian Federation, in particular, insisted on the extension of the current agreements only for the second quarter. According to Russian media sources, Moscow insisted on the extension of current agreements until the end of June. However, this option didn't suit OPEC.