OPEC Could Deep Production Cuts- Says Official Sources

  • Jan 29, 2020 AEDT
  • Team Kalkine

The Organization of Oil Exporting Countries (OPEC) official statement confirms that the oil cartel could further slash the production if demand in China takes a large hit due to the epidemic threat of the coronavirus.

  • The consortium had already urged caution to the market and mentioned that the market is overly pessimistic over the impact of the coronavirus on the oil demand.
  • OPEC+ members are already running a production cut of 1.7 million barrels per day, and are further expected to deepen the cut, at least from March 2020 to June 2020.

 

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