MOSCOW, Feb 4 (PRIME) -- The states of the OPEC plus nonmember oil output reduction agreement are considering cutting the output by additional 800,000–1 million barrels per day (bpd) to counter the effect of coronavirus on the market, the Wall Street Journal reported on Tuesday citing market sources.
In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July 2019, they prolonged the deal until April 2020. According to the latest amendments, the agreement stipulates a production cut by 2.1 million barrels per day.
The sides of the agreement initially planned to reduce the production by 500,000 barrels per day with a meeting to prolong the agreement firstly scheduled for early March. The meeting is now being rescheduled urgently.
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