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The Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, has yet to start formal discussions in Vienna, Reuters reported. Non-OPEC states are reportedly meeting separately in OPEC headquarters. The delay is now more than three hours.

Earlier in the day, several news outlets reported that Russia won’t agree to additional output cuts. On the other hand, an OPEC source told Reuters that the group has no intention to cut the oil production further without Russia’s backing.

Crude oil reaction

Following a sharp drop earlier in the session, the barrel of West Texas Intermediate is staying relatively quiet near the $44 handle, erasing more than 4% on a daily basis.