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Coronavirus scare: OPEC backs biggest oil production cut since 2008 crisis

Russia and Kazakhstan, both members of the broader and informal group known as OPEC+, said they had not yet agreed to a deeper cut

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Factories have been disrupted, people have been deterred from traveling and other business activity has slowed, shrinking demand for fuel.

Reuters

4 min read Last Updated : Mar 06 2020 | 2:18 AM IST

OPEC agreed on Thursday to cut oil output by an extra 1.5 million barrels per day (bpd) in the second quarter of 2020 to support prices that have been hit by the coronavirus outbreak, but made its action conditional on Russia and others joining in.

Russia and Kazakhstan, both members of the broader and informal group known as OPEC+, said they had not yet agreed to a deeper cut, raising the risk of a collapse in cooperation that has propped up crude prices since 2016.

Oil demand growth forecasts for 2020 have been slashed because of global measures to halt the spread

Topics : Coronavirus OPEC OPEC output Opec and Russia Opec oil cuts Opec supply cut

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