OPEC calls for big production cut, but will Russia agree?

The oil-producing countries of the OPEC cartel are proposing a deep production cut of 1.5 million barrels per day to support prices that are sagging due to the spread of the coronavirus

VIENNA — The oil-producing countries of the OPEC cartel are calling for a deep production cut of 1.5 million barrels per day to support prices that are sagging due to the spread of the coronavirus.

The proposal, however, assumes that non-member allies like major producer Russia, who will take up the proposal Friday, will agree to the cuts.

Iranian Oil Minister Bijan Zangeneh said at Thursday’s meeting in Vienna that the cut would start in the second quarter of the year and, asked if he had a “Plan B” if Russia did not go along, replied: “No, we have no other plan.”

OPEC issued a statement saying that member countries would cut 1 million barrels per day under the proposal, while non-members would share…