The Organization of the Petroleum Exporting Countries (OPEC), agreed on March 5 to cut oil output by an extra 1.5 million barrels per day (BPD) in the second quarter of 2020 to support prices that have been hit by the COVID-19 outbreak but made its action conditional on Russia and others joining in.
Russia and Kazakhstan, both members of the broader and informal group known as OPEC+, said they had not yet agreed to a deeper cut, raising the risk of a collapse in cooperation that has propped up crude prices since 2016.
