Saudi and Russian Federation agree on oil output cuts, Journal says

Moscow and Riyadh have reached an agreement in principle to cut their crude oil output.

The cartel of oil producing plus allies Russia and Kazhakstan, known as OPEC+, started a two-day meeting to try and reduce their combined output, potentially alongside other countries such as Norway, Canada and the US by up to 10.0m barrels a day.

According to the Wall Street Journal, Saudi and the Russian Federation had both agreed to output cuts of 4.0m b/d and 2.0m b/d, respectively, from their April levels.

However, Iraq and other major oil producing nations also in OPEC+ were not yet on board with specific oil production curbs.

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