Oil Slides After Algeria Oil Minister Admits Russia Refused To Cut Output

First it was the Saudis who said they would not cap oil output unless Iran joins the production freeze, which it won't. And now, Bloomberg reports citing APS, that Russia was in on the plot to make the Doha meeting a total and complete farce.

  • ALGERIA SAYS DOHA TALKS AIM TO CAP OUTPUT AT JAN. LEVELS: APS
  • ALGERIA'S KHEBRI SAYS SOME OIL PRODUCERS REFUSE OUTPUT CUT: APS
  • ALGERIA OIL MINISTER SAYS RUSSIA REFUSED TO CUT OUTPUT: APS

More details:

Planned April 17 meeting of OPEC, other major producers in Doha, Qatar, aims to reach agreement to freeze oil production at Jan. levels, Algeria’s state-run news agency APS reports, citing Energy Minister Salah Khebri.

 

Meeting “crucial” because if all countries agree to cap production, this will allow oil market to recover gradually

 

“Oil producers don’t want to cut their output. We have already asked for the decrease of production, but some countries have  refused, including non-OPEC members, especially Russia,” Khebri says, according to APS

Which to regular readers should not come as a surprise: recall that as we wrote three weeks ago, What Oil Production Freeze: Russia Just Revealed The Laughable Loophole In The OPEC "Agreement"

Oil algos finally pay attention. And as goes Crude, so goes stocks...