OPEC+ Experts Urge More Output Cuts as Meeting Scaled Down
- Committee suggests cut of 600,000 to 1 million barrels a day
- Delegates to be screened for fever as reporters kept out
Photographer: Andrey Rudakov/Bloomberg
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Experts from OPEC+ recommended that oil ministers consider a larger production cut when they meet later this week as the coronavirus takes a greater toll on the world economy.
After a meeting on Tuesday, the group’s Joint Technical Committee suggested an additional reduction in supply of between 600,000 and 1 million barrels a day during the second quarter, said delegates. That’s potentially a larger cut than it recommended last month, but falls short of some estimates of the demand hit from the outbreak.