Big OPEC+ oil output cuts depend on U.S., others joining: sources [Yahoo! Finance News]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance News
FILE PHOTO: The logo of the Organisation of the Petroleum Exporting Countries OPEC) sits outside its headquarters ahead of the OPEC and NON-OPEC meeting in ViennaBy Ahmad Ghaddar, Olesya Astakhova and Vladimir SoldatkinLONDON/MOSCOW ) - Saudi Arabia, Russia and allied oil producers will only agree to deep cuts to their crude output at talks this week if the United States and several others join in with curbs to help prop up prices that have been hammered by the coronavirus crisis.Global oil demand has dropped by as much as 30%, or about 30 million barrels per day bpd), as measures to prevent the virus spreading have slashed demand for jet fuel, gasoline and diesel. France reported on Tuesday a 80% drop in its petrol use.On top of sliding demand, Saudi Arabia has been flooding the market with extra crude after the collapse last month of a three-year-old deal with Russia on limiting supplies between OPEC and their allies, a group known as OPEC+.OPEC+ is due to hold a video conference on
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