Oil prices had already fallen by 30% since the beginning of the year due to a drop in demand.  The struggle for prices is one of the main causes and effects of the global stock market crash that followed.  Saudi Arabia and Russia have basically unified to cut oil production, the Wall Street Journal reported Thursday. The Organization of the Petroleum Exporting Countries is holding a virtual meeting with its allies, including Russia, in a bid to balance the oil market, which has suffered from a drop in demand linked to efforts to stop the spread of COVID-19 and a price war between Moscow and Riyadh that has flooded the world with crude oil. Under the deal, Saudi Arabia would in principle withdraw 4 million barrels per day from its April production level, while Russia, a non-OPEC member, would cut 2 million barrels per day, the Wall Street Journal reported. Iraq and other major oil-exporting nations within OPEC+ have yet to agree on concrete cuts in oil production. . . .