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Russia Skeptical of U.S. Contribution to Global Oil-Cut Deal

  • Market-driven output decline isn’t same as a real cut: Peskov
  • OPEC+ still hasn’t agreed details of deal, with 24 hours to go
Pump jacks draw crude oil from the Long Beach Oil Field near homes in Signal Hill, California.

Pump jacks draw crude oil from the Long Beach Oil Field near homes in Signal Hill, California.

Photographer: David McNew/AFP via Getty Images

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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.