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OPEC+ may propose more output cut as coronavirus impacts demand

OPEC+ may propose more output cut as coronavirus impacts demand

Mubasher: OPEC+ Joint Technical Committee (JTC) is set to propose a cut of 600,000 barrels per day (bpd) in output in response to the coronavirus’ impact on global energy demand, two sources told Reuters on Thursday.

OPEC+ ministers have not yet reached an agreement, but JTC’s meeting on Thursday may signal progress towards a decision.

“The recommendation is for a cut of 600,000 bpd. Russia has asked for more time for consultations,” one of the sources said.

It is noteworthy that the JTC is not a decision-making body but does advise OPEC+.

OPEC+ group produces over 40% of global oil and the new proposed cut would constitute around 0.6% of global supply.