OPEC wants to extend production cuts until June due to virus in China

OPEC representatives said the organization is ready to extend the current decline in oil production until June, if the spread of the new coronavirus significantly affects the demand for oil in China. At the same time, the possibility of increasing the volume of production reduction is considered.

The sharp drop in oil prices observed recently worries OPEC officials. Representatives of many participating countries have already begun to consider their own options for resolving the situation and have intensified their internal discussion of how best to respond to falling prices.

At the same time, experts predict a longer extension of measures to reduce global oil production. The possibility of extending the agreement until the end of 2020 is not excluded.