OPEC agrees on massive oil supply cut to offset virus impact; awaits Russia’s approval

• OPEC has agreed to impose a deeper round of production cuts in order to support oil prices, paving the way for crunch talks with non-OPEC leader Russia, who still has to agree to the plan.
• The 14-member group, led by Saudi Arabia, decided on Thursday to cut production by 1.5 million barrels per day (bpd) through the second quarter of the year to alleviate downward pressure on oil prices.
• International benchmark Brent crude traded at $51.33 Thursday morning, up around 0.4%, while U.S. West Texas Intermediate (WTI) stood at $47.11, around 0.7% higher.

(Source: CNBC)