Russia Ready to Cut Production, Putting Global Oil Deal in Sight - Bloomberg

Russia Ready to Cut Production, Putting Global Oil Deal in Sight - Bloomberg:

Russia is ready to make a deep cut in oil production, putting a global output deal within reach, as pressure mounts on oil-exporting countries to mitigate the worsening demand impact of the corona virus crisis.

An emergency meeting of the OPEC+ coalition on Thursday will discuss a “massive output reduction,” Algerian Energy Minister Mohamed Arkab, who holds OPEC’s rotating presidency, told the state news agency. His statement came as Russia’s energy ministry said Moscow is ready to reduce output by 1.6 million barrels a day, or about 15%, as part of a deal that includes producers in OPEC+ and beyond. On Friday, oil ministers from G-20 countries will discuss whether to make their own contributions.

President Donald Trump has put huge diplomatic pressure on Russia and Saudi Arabia, the world’s two largest exporters, to end a monthlong price war and rein in production. What happens Thursday could bend the fortunes of energy players across the globe, from Big Oil and U.S. shale companies, to petro-states such as Nigeria and Kazakhstan.