The Organization of the Petroleum Exporting Countries (OPEC) and allied oil-producing nations are negotiating a three-month-long reduction in oil output, Russian news agency TASS reported on Tuesday, citing two anonymous sources from the alliance. The potential deal would run from May to the end of July 2020. The month of May would be chosen as the starting point for the agreement “since deliveries for April have already been scheduled,” one of the insiders clarified. Earlier in the day, Russia confirmed its attendance at the OPEC+ videoconference on April 9.