OPEC and allies likely to cut production if U.S. joins cuts

The group of oil producers known as OPEC+, including Saudi Arabia and Russia, are likely to agree to cut production at a meeting scheduled for Thursday as long as the United States joins in cutting output, three OPEC+ sources told Reuters. A previous production-cut deal ended last month after Russia and Saudi Arabia was unable to come to an agreement to curb output further as the coronavirus pandemic destroyed demand.

Now, with fuel demand falling by roughly 30%, members of the Organization of the Petroleum Exporting Countries and allies including Russia are looking to rein in supply. However, they want others, like the United States, to join.