OPEC and its allies led by Russia agree to cut their oil output by 10 million barrels per day in May and June to help prop up prices battered by coronavirus
FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in the Permian Basin in Loving County, Texas, U.S. November 24, 2019. REUTERS/Angus Mordant/File Photo
Trump, who has said U.S. output was already falling due to low prices, warned Riyadh it could face sanctions and tariffs on its oil if it did not cut enough to help the U.S. oil industry, whose higher costs have left it struggling with low prices. Brent oil prices, which hit an 18-year low last month, were trading around $32 a barrel on Thursday, half their level at the end of 2019.
The sources said cuts would be gradual, as the group seeks to overcome resistance from the United States whose involvement they see as vital to a deal. U.S. officials have already said output would fall naturally over two years.
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