Global oil output cuts held hostage to standoff
The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County/ DUBAI/MOSCOW (Reuters) - Oil producers in the OPEC+ group, led by Saudi Arabia and Russia, were expected to pressure Mexico on Friday to seal an accord for a collective cut in output of 10 million barrels per day, before asking other nations for a further 5 million bpd of cuts. The United States has encouraged global cooperation to bolster an oil market that collapsed as the coronavirus pandemic accelerated in March and producers resorted to a ...
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