RIYADH: Russia and Saudi Arabia have overcome all hurdles to cut oil production at a meeting of OPEC, ending a month-long price war, according to reports by Middle East Eye . Oil prices jumped after Reuters reported that the two countries have agreed to a "deep cut" in crude production.
OPEC and other oil producers were set to debate on Thursday oil cuts as big as 20 million barrels per day (bpd), equivalent to about 20 percent of global supplies, one OPEC source and a Russian source told Reuters.
"That is a global deal," the OPEC source said. He did not specify if the United States would be involved - something Russia and OPEC producers have insisted on.
A worldwide lockdown to slow the spread of the coronavirus pandemic has cut fuel demand by roughly 30 percent and contributed to a crash in prices that took major benchmarks down by more than two-thirds.
Prices surged over 10 percent earlier on Thursday as producers appeared set to cut production sharply, but the exact details of the cuts remain unclear.
