DUBAI/LONDON/MOSCOW: OPEC and allies are working on a deal for an unprecedented production cut equivalent to around 10 per cent of global supply, an OPEC source said after US President Donald Trump called on oil nations to stop the oil rout caused by the coronavirus pandemic.
Trump said he did not make any concessions to Saudi Arabia and Russia, such as agreeing to a US domestic production cut - a move forbidden by US antitrust legislation. The second source added that OPEC+ was watching the outcome of a meeting between Trump and oil firms later on Friday and that a final figure on cuts depends on participation by all oil producers.
Some 3 billion people around the world have been put on lockdown to slow the spread of the coronavirus, which has sickened 1 million people worldwide and killed nearly 50,000. Major global producers have already scaled back production as fuel demand has dropped precipitously and storage is rapidly filling.
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