Sources at the Organization of the Petroleum Exporting Countries (OPEC) confirmed Russia's position and a formal OPEC+ meeting was under way after hours of delay.
Even with the deep cut, Goldman Sachs said the OPEC+ deal will not be able to prevent a global oil market surplus in the second quarter, or sequentially lower prices in the coming weeks.
Producers in the alliance are free to pump at will starting next month, after Russian Federation refused to bend to Saudi Arabia's wish for output cuts aimed at offsetting the coronavirus crisis's impact on demand.
The Kremlin said on Friday that President Vladimir Putin had no immediate plans to talk to the Saudi leadership, an announcement that dashed hopes that a deal could be salvaged at the very top.
Reuters cited two OPEC sources as saying on Thursday that if Russian Federation fails to sign up there is a risk that Saudi Arabia would insist on scrapping OPEC production limits altogether.
But shortly after the announcement, crude oil prices, especially that of Brent blend produced by Nigeria, declined further by nearly one per cent to $50.71 per barrel.
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OPEC ministers had said on Thursday that the coronavirus outbreak created an "unprecedented situation" that demanded action, as measures to stop the virus spreading dampens global economic activity and oil demand. Historically, Russia always plays hard ball before caving in and agreeing to more cuts.
Crude oil's week-long collapse continued with Brent crude oil falling to a 32-month low below $50/b.
Even though OPEC is expected to ratify its agreement on Friday with or without Russia's participation, analysts are anxious that this might be the make or break moment for the cartel with regards to its action against the coronavirus: Herman Wang, Middle East and OPEC managing editor at S&P Global Platts, speculated that "Likely, if Saudi Arabia wants a deal, they're going to have to do a lot of the heavy-lifting themselves".
The body says the cut will be revised at its next meeting in June.
In December, they announced a further 500,000 barrel cut with OPEC kingpin Saudi Arabia adding a "voluntary" contribution of 400,000 barrels. That would have meant removing a total of about 3.6 million bpd from the market, or 3.6 per cent of global supply. Failure to strike a deal could send weak prices even lower, inflicting more pain on the US oil patch, where thousands have been laid off.
Meanwhile ANZ said global oil consumption could fall by 1.6 million bpd in the first half of 2020 and contract by around 300,000 bpd for the full year.