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 (Bloomberg) -- An unprecedented accord between the world's largest oil producers to ratchet back production and rescue crude markets from a catastrophic pandemic-driven collapse moved closer within reach after Russia signaled it's ready to make cuts.Moscow, whose grudge against U.S. shale is arguably the biggest obstacle for a deal, said Wednesday it's willing to reduce output by 1.6 million barrels a day, or roughly 15%. Oil prices surged in New York.At stake is the fate of entire oil-dependent economies, thousands of companies and millions of oil industry jobs as the OPEC coalition and Group of 20 oil ministers gather in two key video conferences this week. Crude futures have plunged to the lowest levels in two decades as the lockdowns around the world slash oil demand by as much as 70% in some places and Russia and Saudi Arabia battle for their share of a shrinking market.See also: Goldman Warns Global Oil Output Cuts of 10M B/D Won't Be EnoughThe battle is not won yet, though, as the Kremlin insists the U.S. should do more than just let market forces reduce its record production. President Donald Trump, meanwhile, has put huge diplomatic pressure on Russia and Saudi Arabia, while saying America's cut will happen "automatically" as prices near 18-year lows have put America's shale patch in dire straits."I think they'll straighten it out -- a lot of progress has been made over the past week," Trump said at a White House briefing Wednesday. "We have a tremendously powerful energy industry in this country
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 (Bloomberg) -- Oil is set to tumble back toward $20 a barrel as global producers will likely fall short of targeted cuts this week, leaving a supply overhang that will threaten to overwhelm global storage, according to ING Groep NV.Oil giants including Saudi Arabia and Russia are likely only going to be able to cobble together a global agreement to curb 6 million to 7 million barrels a day of supplies, said Warren Patterson, ING's head of commodities strategy. That's more than triple what OPEC was cutting at the start of this year but is short of the 10 million barrels a day or more that U.S. President Donald Trump proposed last week.It's also well shy of the loss in demand of about 15 million barrels a day in the second quarter caused by government lockdowns to stop the spread of the virus, Patterson said. Brent crude, which has already plunged 50% this year, will crater further as storage is maxed out."I've been looking at commodity markets now for a little over 10 years and I've never seen anything like this," said Singapore-based Patterson in a telephone interview. "The scale of demand destruction that we've seen in the market is just shocking."ING, the Amsterdam-based bank that finances commodities across the value chain, sees Brent crude averaging $20 a barrel in the second quarter before rebounding to $45 in the fourth quarter. Futures traded at $33.34 on Thursday.Patterson doesn't think the U.S. will be given a direct mandate to cut a specific volume because of its antitrust laws, but the cou
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