Big OPEC+ oil output cuts depend on U.S., others joining: sources - Reuters:
Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis.
Global oil demand has dropped by as much as 30%, or about 30 million barrels per day (bpd), as measures to prevent the virus spreading have slashed demand for jet fuel, gasoline and diesel. France reported on Tuesday a 80% drop in its petrol use.
On top of sliding demand, Saudi Arabia has been flooding the market with extra crude after the collapse last month of a three-year-old deal with Russia on limiting supplies between OPEC and their allies, a group known as OPEC+.
OPEC+ is due to hold a video conference on Thursday at 1400 GMT, after U.S. President Donald Trump said last week he had brokered a deal between Riyadh and Moscow on cuts amounting to an unprecedented 10 million to 15 million bpd, or about 10% to 15% of global supplies. Nothing has yet been formalised.
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