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OPEC and allies likely to cut production if U.S. joins cuts: sources

Published 04/06/2020, 04:01 PM
Updated 04/06/2020, 04:05 PM
© Reuters. The logo of the Organisation of the Petroleum Exporting Countries (OPEC) sits outside its headquarters in Vienna

(Reuters) - The group of oil producers known as OPEC+, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting scheduled for Thursday as long as the United States joins in cutting output, three OPEC+ sources told Reuters.

A previous production-cut deal ended last month after Russia and Saudi Arabia were unable to come to an agreement to curb output further as the coronavirus pandemic destroyed demand.

Now, with fuel demand falling by roughly 30%, members of the Organization of the Petroleum Exporting Countries and allies including Russia are looking to rein in supply. However, they want others, like the United States, to join.

Latest comments

S.Arabia is also a economic partner in this waaar...
this is economic war bw US and Ressia ...due to this suffer whole world economy...
The problem is that the United States doesn't cut back and Russia will say no.
US never cooperate thts why nobody bother to listen to them. US are the *******here
agreed
All faults of this nonesense are of US that keeps pumping out oil to the market, so nobody were willing to cut back. Now US must get on board.
So what happens tomorrow on this news?
they can either cut back or supplement our oil producers.
how do you decide which oil companies are to cutback? Russia and Saudi Arabia own 100% of their oil. The oil in the U.S does not belong to the government. It's not even enforceable.... good luck with this fake promise if we make it
It is very simple. the market will deside. unfortunately gaga Tru.mp will make every us citizen pay in order to rescue the us producers. it is not my falt that Trump is the biggest communist on Tellus. good night
You are dirty...
well, everybody else than US producers is stll making money with the current oil price. everybody wants big profits, but unless nobody is able to see Trump's poker face in US, Every body see it from outside. Good luck. nobody else looses more than US in prolonging any cut. Trump has played his last joker and lost completely. simple. good night
I held -
us production already decreased becaus of market mechanism
notice how they wait until right after the market close to release this.lol.
U. S would not
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