OPEC Calls for Big Production Cut, But Will Russia Agree?
VIENNA (AP) — The OPEC oil cartel is calling for a deep production cut to keep sagging prices from falling further as the virus outbreak hurts demand for energy.
Oil ministers from the 14 OPEC countries decided at a meeting in Vienna on Thursday to push for a cut of 1.5 million barrels a day, or about 1.5% of total world supply.
It remains unclear whether that can stabilize a market as demand is falling sharply because of the virus outbreak's disruption of business around the world.
The ministers will meet with OPEC ally Russia on Friday to hammer out a final agreement on sharing the burden of the production cuts.