OPEC+
The driving force behind the initial drop in oil prices was the spread of Covid-19 in China and, eventually, into other parts of the world. Lower energy demand cut the price of oil, placing the petro-economies of OPEC+ on high alert. Supply reductions were expected. This would support prices.
In early February, members of the alliance recommended reducing production by an additional 600,000 b/d. But Russia hesitated. Energy Minister Alexander Novak insisted on more time to assess the situation.
Unlike Saudi Arabia, Russia can sustain much deeper price drops. To reach a fiscal break-even