OPEC+ Pushes for Others to Join a Global Output Cut; Oil Rallies

April 3, 2020: OPEC+ Pushes for Others to Join a Global Output Cut; Oil Rallies

The OPEC+ coalition is pushing for other major oil producers to join it in a deep reduction of global crude output to stem the historic rout in prices.

A global cut of 10 million barrels a day is a realistic goal, according to a delegate, who spoke on condition of anonymity. OPEC+, an alliance led by Saudi Arabia and Russia, has already scheduled a virtual meeting on Monday and wants other nations to join talks as soon as possible.

The 10 million figure was first touted by President Donald Trump on Thursday, who called for a coordinated production cut. He made no indication whether the U.S. would take part. For Saudi Arabia, it’s essential that producers including the Americans join in.