Saudi Arabia and Russia have struck a deal on a deep output cut of crude supply after a virtual meeting of the Organisation of Petroleum Exporting Countries (OPEC) today.
Citing two reliable sources, Reuters reported that the cuts could be as high as 20 million barrels per day. But details like how the cuts would be divided and how long it would be in place remained unknown.
The virtual meeting which started around 10:45 am ET, between OPEC and its allies, known as OPEC+ involved some of the world’s largest producers largely discussed historic production cuts as the Coronavirus pandemic saps demand for crude oil.
Meanwhile, the U.S. WTI claimed 12 percent to $28.36 per barrel, while benchmark Brent crude surged 8.5 percent to t$35.79 per barrel on Thursday.