OPEC and its allies are working towards a deal to reduce oil output by at least 1.3 million barrels per day, four sources said, adding that Russia’s resistance to a significant production cut was so far the main stumbling block.
OPEC meets on Thursday in Vienna, followed by talks with allies such as Russia on Friday, amid a drop in crude prices caused by global economic weakness and concerns about an oil glut due largely to a rise in U.S. production.