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Environment & Energy Report

Global Oil Deal Gains Traction With U.S. Predicting Big Drop (3)

April 8, 2020, 4:08 AM

The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically.

While the forecast reflects what President Donald Trump has called an “automatic” reduction by U.S. explorers, not a commitment from the world’s top producer, it helps pave the way for Saudi Arabia and Russia to coordinate output cuts at Thursday’s virtual OPEC+ meeting. On Friday, they’ll seek cooperation from other nations in a Group of 20 conference.

Their actions will determine whether the world continues to drown in a flood of oil...

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