By Javier Blas, Grant Smith and Salma El Wardany
Negotiators raced to clinch a historic deal to cut oil supply and stem a devastating price rout, as the clock ticked down to a dramatic market open.
OPEC+ ministers met virtually on Easter Sunday afternoon amid signs of progress. After four days of diplomatic wrangling between Mexico and Saudi Arabia, ministers were set to discuss a couple of possible compromises on their videocall, according to delegates. The meeting started late — just four hours before Brent starts trading.
The stakes are high: Prices are already collapsing under the weight of an oil glut that amounts to about a third of the market’s usual size, after the coronavirus pandemic shut down the global economy. That’s threatening the U.S. shale industry, wrecking the budgets of