OPEC holds crunch talks with its allies on Friday after the group told Russia and others it wanted an additional 1.5 million barrels per day (bpd) of oil cuts until the end of 2020, saying a big move was needed to deal with the impact of coronavirus. OPEC’s proposal effectively presents an ultimatum to Moscow, which has so far been reluctant to back extra curbs on supply, even though oil prices have plunged more than 20% since the start of the year, trading below $50 a barrel on Friday. Saudi Arabia had been pushing for a big oil …read more
Source:: Yahoo Finance
