Russia Skeptical of U.S. Contribution to Global Oil-Cut Deal [Yahoo! Finance News]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance News
) -- Russia cast doubt on the proposed U.S. contribution to a global deal to reduce oil production, potentially throwing a spanner into delicate negotiations the day before a virtual OPEC+ meeting.The world’s largest oil producers will meet on Thursday and Friday in an effort to staunch the flood of crude that’s hammering prices and threatening the stability of companies and countries. Saudi Arabia, Russia and their OPEC allies are discussing deliberate production cuts to offset the impact of the coronavirus pandemic, but so far the U.S. is only offering an output decline driven by market forces.With just over 24 hours left before the Organization of Petroleum Exporting Countries hold crucial talks, many issues remained unresolved, said people familiar with the negotiations. The role of the U.S. in any deal had become a clear sticking point for Moscow.Russia does not consider a supply reduction driven by falling demand or lower prices to be a real output cut within the parameters of t
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