Environment & Energy Report

Saudis, Russia Agree on Contours of Historic Deal to Fight Slump

April 9, 2020, 2:57 PM

Saudi Arabia and Russia have agreed on the outline of a deal to cut oil production in an effort to lift the market from a pandemic-driven collapse.

The two nations appear to have buried differences that led to a huge supply surplus, delegates said. The rapprochement came just before the extraordinary virtual meeting of OPEC and its allies kicked off.

It’s however still unclear how some of the obstacles will be cleared. Saudi Arabia was pushing for any supply curbs to be measured against a higher baseline -- its April production of above 12 million barrels a day, delegates said...

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