Oil prices jumped on Thursday on reports that Saudi Arabia and Russia have reached a deal on a deep output cut of up to 10 million barrels a day.
Key details such as how the cuts would be divided, as well as how long they might be in place for, remained unknown.
The reported deal comes as a virtual meeting between OPEC and its allies, known as OPEC+, kicked off in which some of the world’s largest producers were set to discuss historic production cuts as the coronavirus pandemic saps demand for crude. The virtual meeting, which was initially planned for last Monday, began around 10:45 a.m. ET.
Details later…
DIPO OLADEHINDE
