Dispute between OPEC and its allies sends oil price tumbling

Oil prices slide Thursday morning on the heels of a dispute between the Organization of Petroleum Exporting Countries, OPEC, and its allies such as Russia about whether to renew the cartel's output cap, introduced at the start of the pandemic.

Photo: Jacob Ehrbahn

A barrel of European reference oil, Brent, sits at USD 48.17 Thursday morning against USD 48.38 the night leading up to Thursday. Wednesday afternoon a barrel cost USD 47.92. The US WTI oil is concurrently traded at USD 45.16 Thursday morning against USD 45.40 leading up to Thursday. Wednesday afternoon, WTI traded at USD 45.09.

According to Reuters, OPEC and Russia are set to continue their talks Thursday about whether to extend a production cut until 2021, after the parties failed to reach agreement during earlier talks.

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