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Russia has yet to decide on oil cuts with OPEC

The Kremlin has announced that Russia has yet to decide if to cut oil production in coordination with the Organization of the Petroleum Exporting Countries (OPEC). Sources in Moscow added that they will announce their position in due course. 

Russia is one of the world's largest petrol producers and it has been reluctant to reduce production in reaction to the coronavirus. Saudi Arabia, the largest producer in the OPEC cartel, has been urging to curb output to push prices higher.

WTI Crude is trading below $51, stable. On Wednesday, the US reported an unexpected increase in inventories of the black gold.

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