Saudi Arabia, Russia table differences as OPEC+ discuss 20 mln bpd oil cut: Sources

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Russia and Saudi Arabia have managed to remove the main obstacles preventing an agreement on oil cuts, according to a senior Russian source, Reuters reported Thursday.

OPEC and its allies held talks on Thursday on record oil output curbs of about 15 million barrels per day (bpd) or more, roughly 15% of global supplies, to support prices hammered by the coronavirus crisis, sources involved in the discussions told Reuters.

OPEC+ and others will discuss oil cuts as large as 20 million barrels per day during Thursday's meeting, an OPEC and Russian source seperately told Reuters.

The cut would equate to around a 20 percent cut of global supplies, but the source did not specify if the US would be part of the deal, a note that other key producers have insisted upon.

“That is a global deal,” the OPEC source told Reuters.

The coronavirus pandemic has caused an unprecedented drop in the use of oil worldwide, from driving cars to air flights and industrial usage. Meetings between the OPEC+ group will occur today, while the G20 energy minister will meet Friday to discuss the global oil market.

“I hope there will be a sizeable reduction or cut in order to help the oil industry globally,” International Energy Agency Executive Director Fatih Birol told Al Arabiya earlier on Thursday, regarding the OPEC+ meeting.

With agencies

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