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OPEC is considering cutting 500 thousand barrels per day of oil production
15:45 - 02/02/2020
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A source in the "OPEC" and an informed source in the sector said on Monday that "OPEC +" is considering reducing its oil production by an additional 500,000 bpd due to the impact of the Corona virus on demand.
The source said, according to "Reuters", that "the Organization of Petroleum Exporting Countries and its allies, such as Russia, in the framework of what is known as OPEC +, are considering holding a ministerial meeting on February 14 and 15, that is, ahead of the meeting scheduled in March."
Analysts and dealers say that "the spread of the coronavirus in China may reduce the demand for oil by more than 250 thousand barrels per day in the first quarter of this year and put pressure on the oil prices, which were already afflicted with an increase in supply."
"The OPEC member Iran said, earlier today, that the spread of the virus has hurt the demand for oil and called for efforts to be made to stabilize prices ," the official Iranian news agency said .
On Friday, Russia said it was ready to submit the date of the "OPEC +" meetings to February.
The source added that "a committee from OPEC and outside it called the joint technical committee decided the fourth and fifth of February to hold a meeting in Vienna to assess the impact of the virus on demand." 25 h has ended
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