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Global Oil Deal Gains Traction With U.S. Predicting Big Drop

  • U.S. sees average 2020 output falling by over 1 million b/d
  • Saudis, Russia debate terms before Thursday’s OPEC+ conference
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The world’s largest oil producers are inching closer to an unprecedented global deal to rescue the energy industry from collapse after the U.S. said production will drop dramatically.

While the forecast reflects what President Donald Trump has called an “automatic” reduction by U.S. explorers, not a commitment from the world’s top producer, it helps pave the way for Saudi Arabia and Russia to coordinate output cuts at Thursday’s virtual OPEC+ meeting. On Friday, they’ll seek cooperation from other nations in a Group of 20 conference.