OPEC and its allies are considering cutting their oil output by a further 500,000 barrels per day due to the impact on oil demand from the coronavirus, sources said
LONDON - OPEC and its allies are considering cutting their oil output by a further 500,000 barrels per day due to the impact on oil demand from the coronavirus, three OPEC+ sources and a industry source familiar with the discussions said.
OPEC member Iran said on Monday the spread of the virus had hit oil demand and called for an effort to stabilize prices, Iran’s official news agency IRNA reported. Russia on Friday said it was ready to bring forward the OPEC+ meetings to February. The country is the biggest non-OPEC producer working with OPEC so its approval is key.
The logo of the Organisation of the Petroleum Exporting Countries sits outside its headquarters ahead of the OPEC and NON-OPEC meeting, Austria December 6, 2019. REUTERS/Leonhard Foeger - RC2OPD9UDEUY
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