OPEC agrees on massive oil supply cut to offset virus impact; awaits Russia’s approval

OPEC agrees on massive oil supply cut to offset virus impact; awaits Russia’s approval

OPEC has agreed to impose a deeper round of production cuts in order to support oil prices, paving the way for crunch talks with non-OPEC leader Russia, who still has to agree to the plan, CNBC reports.

The 14-member group, led by Saudi Arabia, decided on Thursday to cut production by 1.5 million barrels per day (bpd) through the second quarter of the year.

OPEC added the group would review this policy at its next meeting on June 9.

The proposed cuts, which were at the top end of analyst expectations, are believed to be conditional on approval from Russia.

It means energy market participants will now turn their attention to a meeting of both OPEC and non-OPEC members, sometimes referred to as OPEC+, on Friday.

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