2/11, 1:57 PM (Source: TeleTrader)
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US 'not concerned' about OPEC output cuts - energy sec

United States Energy Secretary Dan Brouillette (pictured) said on Tuesday that his country is "not concerned" about OPEC and other major producers potentially implementing larger production cuts in an effort to stabilize oil prices amid coronavirus concerns.

"We're not concerned about the decision that OPEC may make and whatever decision they make will be good for them and we appreciate what they're doing," Brouillette told reporters in Vienna. "They're going to meet and they're going to make a determination and a decision that's best suited for them but I think their ability to impact oil prices in the manner in which they did, you know, three, four, five decades ago is just fundamentally different," he added.

Earlier, the Joint Technical Committee of OPEC members and non-OPEC producers recommended the introduction of deeper output cuts in the first half of 2020 in response to the outbreak of the coronavirus. According to media reports, the technical panel suggested cutting production by another 600,000 barrels per day, but Russia said it needed more time to make a decision on the matter. The OPEC+ will meet in early March to decide on the future of output cuts.

Breaking the News / NP