OPEC+ works on 2-year oil cut deal implemented gradually

OPEC and its allies, a group known as OPEC+, are discussing plans to cut oil production for at least two years with reductions implemented gradually, two OPEC+ sources said on Thursday.

The group has previously said it wanted the United States, one the top three oil producers alongside Russia and Saudi Arabia, to take part in the cuts. Washington has till now said its output was already gradually falling due to low oil prices.