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OPEC

OPEC backs extra 1.5 million-bpd cut if Russia joins

LONDON, March 5, 2020 – OPEC ministers are reported to have approved a deal to cut oil output by 1.5 million barrels per day in order to lend support to a market hit by the coronavirus outbreak, but the agreement is said to be conditional on Russian support.

 

US West Texas Intermediate was up by 21 cents, or 0.4%, at $46.98 per barrel by 06:31 AM ET (1131 GMT), below an intra-day high of $47.57. Brent crude was trading at $51.39 per barrel.

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