Crude Oil Plunges to Lowest Since 2017 After Russia Rejects Steep OPEC Cut

Russia balked at OPEC’s proposed steep production cuts to stabilize prices. A Russian high-level source told Reuters that Moscow would not back a call for extra reductions in oil output and would agree only to an extension of existing cuts by the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+.

READ MORE

MCX Crude Oil

Qatar Quits OPEC

“Qatar has decided to withdraw its membership form OPEC effective January 2019 and this decision was communicated to OPEC this morning,” Saad al-Kaabi said, as quoted by Reuters, at a news conference.

READ MORE