Opec+ likely to agree to cut production if US joins effort: Sources

DUBAI/LONDON/MOSCOW: Major oil producers including Saudi Arabia and Russia are likely to agree to cut production at a Thursday meeting but only if the United States joins the effort, aimed at coping with the disastrous effect of the coronavirus on fuel demand, three Opec+ sources told Reuters on Monday.

Worldwide oil demand has dropped by roughly 30 per cent, or about 30 million barrels a day, at the same time that Saudi Arabia and Russia have been flooding markets with extra supply.

Last week, in response to a weeks-long market rout, the Organization of the Petroleum Exporting Countries and its allies including Russia, a group known as Opec+, started talking about cutting pro