Citing sources familiar with Saudi Arabia’s thinking, Reuters reports that the Kingdom urges the OPEC and its allies (OPEC) to quickly reach an agreement on oil production cuts to respond in a timely manner to the negative impact of China coronavirus on global oil demand.
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One OPEC source said Riyadh wanted a quick supply cut to “put a floor under the prices”.
One of the sources said: “This is about taking preemptive measures against future uncertainties …it is about lessons learnt from the past.”
Sources said the technical panel also recommended this deal be extended until the end of 2020.
This comes as the OPEC+ awaits Russia’s decision on the output cuts proposal. On Tuesday, Russian Energy Minister Alexander Novak said that they were closely studying recommendations of OPEC+ technical committee.
Both crude benchmarks ride the risk-on wave, driven by fading coronavirus concerns. WTI rises 1.50% to 50.70 while Brent is up 2% just above $55, at the time of writing.
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