‘Batten down the hatches’: Oilpatch braces as prices plummet | CBC News
OPEC sources told Reuters that Russia, one of the world’s biggest oil producers but not a member of OPEC, and Saudi Arabia, the biggest crude producer in OPEC, had failed to find a compromise despite several rounds of bilateral talks this week in Vienna.
As a result, the existing deal for output cuts will expire in March, so OPEC members and non-OPEC producers can in theory pump at will in an already oversupplied market, sources told Reuters.
“Those who don’t manage their balance sheet — if this sell-off continues — are not going to make it.