Oil drops as OPEC agrees on massive oil supply cut to offset virus impact; awaits Russia’s approval 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. OPEC added the group would review this policy at its next meeting on June 9. The proposed cuts, which were at the top end of analyst expectations, are believed to be conditional on approval from Russia.