OPEC agreed on Thursday to cut output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices amid an outbreak of coronavirus but made it conditional on Russia joining in, two OPEC sources said.
Saudi Arabia had suggested OPEC and its allies, including Russia, cut up to 1.5 million barrels per day (bpd) for the second quarter of 2020 while keeping existing cuts of 2.1 million bpd, which expire this month, in place until the end of 2020.
But Riyadh, the biggest producer in the Organization of the Petroleum Exporting Countries, and other members of the group have yet to win Russian support for such a deal.
