OPEC debating oil output cut of 10 million barrels a day: Report

The world’s top oil-exporting countries are debating cutting global supply by 10 million barrels per day, a source from the grouping told the Reuters news agency on Friday, adding that any further cuts must include producers from outside the alliance.

United States President Donald Trump said on Thursday he had brokered a deal with top crude producers Russia and Saudi Arabia to cut output and arrest an oil price rout amid the global coronavirus pandemic, though details of how cuts would work were unclear.

Saudi Arabia on Thursday called for an emergency meeting of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers including Russia, saying it aimed to reach a fair agreement to stabilise oil markets that have crashed on the demand impact from the coronavirus pandemic.

Prices have also been crushed after Saudi Arabia and Russia failed last month to agree on output curbs.

Azerbaijan’s energy ministry said on Friday that a meeting of the OPEC group of oil producers is planned for April 6 and will be held as a video conference, the RIA news agency reported.

The ministry said that all OPEC countries were expected to take part and that stabilising prices on oil markets would be discussed.

Oil prices fell early on Friday, following their biggest-ever one day gains on Thursday as analysts doubted the output deal would go far enough after Trump said he had made no offer to cut US output.