OPEC + committee proposes a stronger reduction in production due to coronavirus

The OPEC+ Technical Committee recommended that the organization’s member countries reduce oil production by another 600 thousand barrels per day in order to partially mitigate the harmful effects of the outbreak of Chinese coronavirus.

This recommendation will be further considered by the representatives of the OPEC+ Ministerial Committee (JMMC), who will be able to make a final decision.

Recall that last Tuesday, the Technical Committee for Monitoring Agreements to Reduce Production convened an emergency meeting in which experts discussed the impact of the new infection on the oil market. In recent days, oil quotes have been steadily declining due to investors' concerns about a decline in China's energy demand.