OPEC+ panel recommends deeper oil cut, awaits nod from Russia: sources - Reuters

OPEC+ panel recommends deeper oil cut, awaits nod from Russia: sources - Reuters:

An OPEC+ technical panel has recommended a provisional cut in oil output of 600,000 barrels per day (bpd) in response to the coronavirus’ impact on energy demand as it awaits Russia’s final position on the proposal, two sources said.

The Joint Technical Committee (JTC) is not a decision-making body but does advise the Organization of the Petroleum Exporting Countries and allies led by Russia, a grouping known as OPEC+.

The meeting ended shortly after 1100 GMT, sources said.

OPEC and its allies led by Russia produce over 40 percent of global oil and the new proposed cut would constitute around 0.6 percent of global supply.