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2/10, 2:33 PM (Source: TeleTrader)
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OPEC+ JTC recommends extending output cuts over coronavirus

The Joint Technical Committee of OPEC members and non-OPEC oil producers recommended the extension of voluntary production cuts until the end of the year in response to the outbreak of the coronavirus, Algeria's Energy Minister and President of the OPEC Conference in 2020 Mohaem Arkab stated on Monday.

"The coronavirus epidemic is having a negative impact on economic activities, particularly on the transportation, tourism and industry sectors, particularly in China, and also increasingly in the Asian region and gradually in the world," ​Arkab stressed and noted the virus also has "a negative impact on oil demand and oil markets." Furthermore, the JTC recommended the introduction of deeper output cuts until the end of June in an effort to stabilize the oil market amid the coronavirus crisis.

OPEC and its allies are scheduled to hold a ministerial meeting in early March to decide on the future of output cuts.

Breaking the News / NP