Saudi, Russia outline record oil cut under U.S. pressure as demand crashes

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Saudi, Russia outline record oil cut under U.S....
 © CyprusMail 2020

OPEC , Russia and other allies outlined plans late on Thursday to cut their oil output by more than a fifth and said they expected the United States and other producers to join in their effort to prop up prices hammered by the coronavirus crisis.

But the group, known as  OPEC +, said a final agreement was dependent on Mexico signing up to the pact after it balked at the production cuts it was asked to make. Discussions among top global energy ministers will resume on Friday.

The planned output curbs by  OPEC + amount to 10 million barrels...


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Saudi, Russia outline record oil cut under U.S. pressure as demand crashes


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Article Tags: saudi, russia, outline, record, under, pressure, demand, crashes,