Size of Opec+ output cuts depends on US, other producers joining

Size of Opec+ output cuts depends on US, other producers joining

the Sun Daily - Business·2020-04-07 23:22

LONDON/MOSCOW: Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis.

Global oil demand has dropped by as much as 30%, or about 30 million barrels per day (bpd), as measures to prevent the virus spreading have slashed demand for jet fuel, petrol and diesel.

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