OPEC, Russia bargain over extending oil cuts ahead of June meeting GlobeBusiness
LEONHARD FOEGER/Reuters
The coronavirus pandemic has worsened oversupply in the oil market by slashing demand which has in turn hammered prices.So instead of easing their output cuts come July, several OPEC+ sources told Reuters there are discussions led by de facto OPEC leader Saudi Arabia about sustaining those cuts. Sources familiar with Russian oil thinking said no decision was made as opinions are divided, with some arguing Moscow should wait to see demand levels as airlines begin to fly again.
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