Saudi Arabia, Russia closing in on record oil cut deal: Sources
Saudi Arabia, Russia closing in on record oil cut deal: Sources

OPEC and its allies held talks on Thursday on record oil output curbs of about 15 million barrels per day (bpd) or more, roughly 15% of global supplies, to support prices hammered by the coronavirus crisis, sources involved in the discussions said.
They said the plan included cuts of about 5 million bpd from producers outside the group known as OPEC+ and could be made gradually, as the group seeks to overcome resistance from the United States whose involvement they see as vital to a deal.
Talks have been complicated by friction between OPEC leader Saudi Arabia and non-OPEC Russia, two of the world’s biggest oil producers. But sources on both sides said they had overcome differences amid the deepest oil market crisis in decades.