No agreement on oil production cuts at OPEC meeting: Russia

• But the decision hinged on agreement by the so-called OPEC+ countries led by Russia, the world's second larges oil producer after the US.
• As a result, oil prices tumbled more than seven percent, with Brent North Sea crude tumbling to $46.14 per barrel and WTI to $42.26.

VIENNA: Russian Energy Minister Alexander Novak said Friday that talks between OPEC and his OPEC+ grouping have failed to reach an agreement on oil production cuts.

"Regarding cuts in production, given today's decision, from April 1, no one -- neither OPEC countries, nor OPEC+ countries -- are obliged to lower production," he told reporters after the meeting.

On Thursday, OPEC ministers, led by Saudi Arabia, had recommended a drastic cut of 1.5 million barrels per day in the face of the global slowdown caused by the new coronavirus epidemic.

But the decision hinged on agreement by the so-called OPEC+ countries led by Russia, the world's second larges oil producer after the US.

Nevertheless, hours of talks between Saudi Arabia, the world's number three producer, and Russia failed to bring about a deal.

Asked whether Russia would ramp up its production after this decision, Novak said this "depended on the Russian (oil) companies' projects".

As a result, oil prices tumbled more than seven percent, with Brent North Sea crude tumbling to $46.14 per barrel and WTI to $42.26.