Saudis, Russia Agree on Contours of Historic Deal to Fight Slump

The two nations Saudis and Russia appear to have buried differences that led to a huge supply surplus, delegates said. The rapprochement came just before the extraordinary virtual meeting of OPEC and its allies kicked off.

It’s however still unclear how some of the obstacles will be cleared. Saudi Arabia was pushing for any supply curbs to be measured against a higher baseline — its April production of above 12 million barrels a day, delegates said earlier. At the same time, Russia showed no sign of weakening its insistence that a deal was only possible if the U.S. cuts output too.

Oil surged as much as 11%.

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