MOSCOW (AP) — Oil-producing countries including those of the OPEC cartel and Russia are trying to strike a global deal to pump less crude.

They are trying to limit a crash in prices that, while welcome for consumers, has been straining government budgets and pushed energy companies toward bankruptcy.

Thursday’s videoconference is part of a series of talks to boost energy prices, which have more than halved since the start of the year amid a pricing war between Saudi Arabia and Russia.

The drop was intensified when the coronavirus pandemic caused a further plunge in the demand.

The Russian government says it expects the United States to also cut production.

KGAB logo
Enter your number to get our free mobile app


More From KGAB