UPDATE 4-World's biggest oil producers still at odds before talks on major cuts [Reuters]
Occidental Petroleum Corporation (OXY)
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Source: Reuters
World's biggest oil producers still at odds before talks on major cuts DUBAI/LONDON (Reuters) - The world’s top oil producers Saudi Arabia, Russia and the United States still seemed at odds on Wednesday, before this week’s meetings on potentially big output cuts to shore up crude prices that have been hammered by the coronavirus crisis. Saudi Arabia and Russia, which fell out when a previous pact on curbing supplies collapsed in March, have signalled they could agree deep cuts to crude output but only if the United States and others outside a group known as OPEC+ joined in. The U.S. Department of Energy, however, said on Tuesday that domestic output was already falling without government action, echoing views from the White House that it would not intervene, even as global demand for crude has plunged by as much as 30%. U.S. President Donald Trump said last week a deal he had brokered with Saudi Arabia and Russia could lead to cuts of as much as 10-15 million barrels per day or 10-15%
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