OPEC+ considering further 500,000 bpd oil output cut: sources - Reuters

OPEC+ considering further 500,000 bpd oil output cut: sources - Reuters:

OPEC and its allies are considering cutting their oil output by a further 500,000 barrels per day (bpd) due to the impact on oil demand from the coronavirus, two OPEC sources and a third industry source familiar with discussions said.

The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, are considering holding a ministerial meeting on Feb. 14-15, one of the OPEC sources said, earlier than a current schedule for a meeting in March.

Oil LCOc1 has fallen $10 a barrel this year to $56, lower than the level many OPEC countries need to balance their budgets. The coronavirus outbreak in China could cut oil demand by more than 250,000 bpd in the first quarter, analysts and traders say.

OPEC member Iran said on Monday the spread of the virus had hit oil demand and called for an effort to stabilize prices, Iran’s official news agency IRNA reported.