OPEC seeks big oil cut in crunch talks with Russia amid virus outbreak - Reuters:
OPEC holds crunch talks with its allies on Friday after the group told Russia and others it wanted an additional 1.5 million barrels per day (bpd) of oil cuts until the end of 2020, saying a big move was needed to deal with the impact of coronavirus.
OPEC’s proposal effectively presents an ultimatum to Moscow, which has so far been reluctant to back extra curbs on supply, even though oil prices have plunged more than 20% since the start of the year, trading below $50 a barrel on Friday.
Saudi Arabia had been pushing for a big oil cut ahead of this week’s talks in Vienna between OPEC, Russia and other producers, a group known as OPEC+.
But OPEC ministers, who met on Thursday, backed a proposal for an even larger reduction than expected.
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