OPEC and Russia meet on Thursday to try to agree to record oil output cuts but their efforts to address the slump in prices wrought during the ...
LONDON: OPEC and Russia will debate record oil output cuts on Thursday to prop up prices wrought by the coronavirus pandemic but their talks are complicated by internal disagreements and the reluctance of the United States to join the action.
Riyadh and Moscow, who fell out when a previous pact on curbing supplies collapsed in March, have signalled that their agreement to new, much deeper cuts would depend on the United States and others outside a group known as OPEC+ joining in. "I'm not sure how Russia and Saudi Arabia would be able to iron out their differences today, it all could be stretched out," one Russian source told Reuters.Two Russian sources said the maximum Russian cut would be 2 million bpd or around 17per cent of its output. Saudi Arabia has yet to indicate how much it is prepared to cut.
U.S. senators have previously called on the White House to impose sanctions on Riyadh, pull out U.S. troops from the kingdom and impose import tariffs on Saudi oil.
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