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Previous story Oil Negotiators Race Against Clock to Get Oil Supply Deal Done Next story
Published on April 12, 2020 6:41 AM

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Negotiators raced to clinch a historic deal to cut oil supply and stem a devastating price rout, as the clock ticked down to a dramatic market open.OPEC ministers met virtually on Easter Sunday afternoon amid signs of progress. After four days of diplomatic wrangling between Mexico and Saudi Arabia, ministers were set to discuss a couple of possible compromises on their videocall, according to delegates. The meeting started late -- just four hours before Brent starts trading.

The stakes are high Prices are already collapsing under the weight of an oil glut that amounts to about a third of the markets usual size, after the coronavirus pandemic shut down the global economy. Thats threatening the U.S. shale industry, wrecking the budgets of oil-dependent nations and making it harder for central banks to respond to the virus shock.

The Kremlin warned of unmanageable chaos if negotiations fail. The whole world needs this deal, Dmitry Peskov, spokesman of ...