Opec, Russia meet again to approve biggest-ever oil cut

BAKU/DUBAI/LONDON - Opec, Russia and other oil producing nations were meeting on Sunday in a bid to clinch a deal on the biggest oil cut ever, amounting to 10 per cent of global supply, after their initial efforts to support oil prices amid the coronavirus pandemic were blocked by Mexico.On Thursday, Opec+ outlined plans to cut output by more than a fifth, or by 10 million barrels per day , but Mexico balked at the production cuts it was asked to make, delaying the signing of a final deal.

Measures to curb the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers and hammering the US shale industry, which is more vulnerable to low prices due to its higher costs. Canada and Norway signalled willingness to cut and the United States, where legislation makes it hard to act in tandem with cartels such as Opec, has said its output would fall steeply by itself this year due to low prices.

Trump, who had threatened Saudi Arabia with oil tariffs if it did not fix the market's oversupply problem, said Washington would help Mexico by picking up"some of the slack" and being reimbursed later.

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