BREAKING: Saudi state TV is reporting that a deal before OPEC and other oil-producing countries involves a 10 million barrel per day cut to July 1, then an 8 million barrel per day cut through end of year.
FILE - In this Thursday, Aug. 31, 2017, file photo, a flame burns at the Shell Deer Park oil refinery in Deer Park, Texas. Oil prices are plunging Sunday, March 8, 2020, amid worries that an OPEC dispute will lead a virus-weakened economy to be awash in an oversupply of crude.
DUBAI, United Arab Emirates — A proposed reduction in oil production by OPEC and other oil-producing countries involves a 10 million barrels per day cut until July, then an 8 million barrels per day cut through the end of the year, Saudi Arabia said Friday as the deal hung in the balance. Saudi state television alerted terms of the deal Friday, which also called for a 6 million barrel per day cut for 16 months beginning in 2021.U.S. President Donald Trump earlier said he spoke with Russian President Vladimir Putin and King Salman of Saudi Arabia about the negotiations.
“There’s so much production nobody even knows what to do with it, that’s how it’s working,” he added.
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