OPEC Recommends 1.5-Mn-Barrel Output Cut To Allies
The OPEC club of oil-producing countries meets on March 2, 2020 in Vienna as they weigh how to react to a sharp drop in global oil demand due to the outbreak of the new coronavirus.Ministers from the OPEC cartel of oil-producing countries on Thursday recommended a drastic production cut of 1.5 million barrels per day to their allies to counter a slump in demand caused by the coronavirus outbreak.
Countries in the OPEC+ grouping of the cartel’s allies would be asked to take on 500,000 barrels of the cuts, the statement added.Producers had already had to contend with abundant supplies weighing on prices — agreeing to 500,000-barrels-per-day production cuts at their last meeting in December — but the spread of COVID-19 across the world has sent prices plunging.
Russia’s RIA Novosti agency reported Wednesday that Moscow’s delegation was proposing an extension of the existing deal with no fresh cuts. “I believe that oil prices will fail to recover significantly for the remainder of the year as the coronavirus crisis drags on,” he said.
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