Breaking News Bloomberg Reliable News at 10am11 Apr 2020 11:15
(Bloomberg) -- The world’s largest oil producers were closing in on a deal to rescue crude markets from a coronavirus-induced collapse after U.S. President Donald Trump stepped in to broker a truce.
An unprecedented cut of about 10% in worldwide crude production -- which seemed unlikely last week when Trump first floated the idea in a tweet -- was all but certain on Friday, with Mexico the last holdout. Now, a compromise backed by Trump will be discussed between the Latin American country and Saudi Arabia on Saturday. Russia has already said it considers the plan a done deal.