Abu Dhabi (CNN Business)Russia and Saudi Arabia have called off their brutal price war and are now pushing dozens of major crude producers toward a deal that would slash production and help stabilize a market that’s been rocked by the coronavirus pandemic.


A marathon video conference between OPEC members and other major energy powers on Thursday ended with a tentative deal to reduce production by 10 million barrels per day in May and June, the deepest cut ever agreed by the world’s oil producers.

But there was a major snag: Mexico has declined to support the agreement, and meeting participants said acknowledged in a statement that final agreement is conditional on the country’s consent. Another round of talks between the Group of 20 is scheduled for Friday.

Source: CNN

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