In this list
Oil

OPEC+ committee to recommend Q2 deeper cuts of 600,000 b/d: delegate

Crude Oil

Platts Crude Oil Marketwire

Agriculture | Vegetable Oils | Coal | Thermal Coal | Crude Oil | Energy Transition | Hydrogen | Renewables | LNG | Metals | Non-Ferrous | Steel | Shipping | Wet Freight

Market Movers Asia March 18-22: China’s oil, gas companies to release financial results, 2024 production targets

Oil | Energy Transition | Energy

APPEC 2024

Natural Gas | Metals | Energy Transition | LNG | Upstream | Crude Oil | Coal | Non-Ferrous | Hydrogen | Emissions | Renewables

CERAWEEK FACTBOX: No energy transition without oil, gas, LNG

Energy | Oil | Crude Oil

FOB Straits Price Assessment

Metals | Natural Gas | Upstream | Crude Oil | Non-Ferrous | Ferrous | Steel

Metals: Saudi Arabia's new oil?

For full access to real-time updates, breaking news, analysis, pricing and data visualization subscribe today.

Subscribe Now

OPEC+ committee to recommend Q2 deeper cuts of 600,000 b/d: delegate

  • Author
  • Herman Wang
  • Editor
  • Claudia Carpenter
  • Commodity
  • Oil

Vienna — Key oil producing countries led by Saudi Arabia and Russia appear set to implement 600,000 b/d of new production cuts for three months starting in March to counter the demand destruction caused by the coronavirus outbreak, according to a delegate involved in the talks.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

That would apparently be on top of their existing 1.7 million b/d output cut accord that began in January and expires at the end of March. WTI oil rose 1% to $51.25/b after the news at 10:41 a.m. GMT time.

Any deal would require unanimous approval of all 23 ministers in the OPEC+ coalition, composed of OPEC, Russia and nine other allies. Their next scheduled meeting is March 5-6 in Vienna but delegates have said it could be moved forward.

The coronavirus has sparked fears of a major economic slowdown in China, the world's largest importer of crude, where quarantines and travel restrictions have caused a contraction in oil consumption. China sources some 70% of its crude imports from OPEC+ members, and its refineries are expected to slash runs by about 1 million b/d in February, according to S&P Global Platts Analytics.

Delegates were called to a hastily arranged technical committee meeting this week, which included extensive reviews of several scenarios attempting to quantify the uncertain oil market impact of the still-spreading virus.