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OPEC reportedly agrees on massive oil supply cut to offset virus impact; awaits Russia’s approval

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March 5, 2020

OPEC has reportedly agreed to impose a deeper round of production cuts in order to support oil prices, paving the way for crunch talks with non-OPEC leader Russia, who has to agree to the plan.

The 14-member group, led by Saudi Arabia, decided Thursday to cut production by 1.5 million barrels per day (bpd), two unnamed sources told Reuters.

The deal — which was at the top end of analyst expectations — is believed to be conditional on approval from Russia.

A meeting of both OPEC and non-OPEC members, sometimes referred to as OPEC+, will take place on Friday.

Ahead of Thursday’s meeting, Russia’s appetite for deeper production cuts had been far from certain, with Moscow reportedly in favor of an extension to the current level of cuts rather than a further reduction.

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This article was posted: Thursday, March 5, 2020 at 7:34 am

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