Saudis, Russia Agree on Contours of Historic Deal to Fight Slump
- The two nations have agreed on a outline, burying differences
- It’s still unclear how other obstacles will be overcome
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Saudi Arabia and Russia have agreed on the outline of a deal to cut oil production in an effort to lift the market from a pandemic-driven collapse.
The two nations appear to have buried differences that led to a huge supply surplus, delegates said. The rapprochement came just before the extraordinary virtual meeting of OPEC and its allies kicked off.