{"id":340819,"date":"2020-03-07T10:27:33","date_gmt":"2020-03-07T04:57:33","guid":{"rendered":"http:\/\/infralive.com\/web\/?p=340819"},"modified":"2020-03-07T10:55:00","modified_gmt":"2020-03-07T05:25:00","slug":"oil-plunges-to-lowest-since-2017-after-russia-rejects-steep-opec-cut","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/oil-plunges-to-lowest-since-2017-after-russia-rejects-steep-opec-cut\/","title":{"rendered":"Oil plunges to lowest since 2017 after Russia rejects steep OPEC cut"},"content":{"rendered":"<p>Oil prices tanked more than 7 per cent on Friday to their lowest levels since mid-2017 after Reuters reported that Russia balked at OPEC&#8217;s proposed steep production cuts to stabilize prices. <\/p>\n<p>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+. <\/p>\n<p>&#8220;If this results in OPEC not going through with their own proposed 1 million bpd cuts in Q2, the result &#8230; could be devastating. Brent could swiftly drop 15 per cent to the low $40s and WTI to the high $30s in this scenario,&#8221; said Bjornar Tonhaugen, head of oil markets at Rystad Energy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices tanked more than 7 per cent on Friday to their lowest levels since mid-2017 after Reuters reported that Russia balked at OPEC&#8217;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+. &#8220;If this results in OPEC not going through with their own proposed 1 million bpd cuts in Q2, the result &#8230; could be devastating. [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[135,130,169],"tags":[],"class_list":["post-340819","post","type-post","status-publish","format-standard","hentry","category-business-standard-newspapers","category-newspapers","category-oil-gas-business-standard-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/340819","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=340819"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/340819\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=340819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=340819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=340819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}