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Oman backs deeper oil output cut until June-end

Oman backs deeper oil output cut until June-end
OPEC producers may meet earlier than scheduled

Mubasher: Oman is supporting the recommendations made by an OPEC+ Joint Technical Committee (JTC) for a short, deeper oil output cut until the end of June, the GCC country’s oil minister Mohammed bin Hamad al-Rumhy announced, as Reuters reported on Saturday.

OPEC producers in OPEC+ are discussing whether to meet earlier than their scheduled meeting on 5-6 March in Vienna.

“We continue monitoring the impact of the coronavirus on oil demand growth,” al-Rumhy said.

Earlier in February, two sources told Reuters that OPEC+ JTC was set to propose a cut of 600,000 barrels per day in output in response to the coronavirus’ impact on global energy demand.