Novak says Russia evaluating earlier, smaller cut proposal by OPEC and allies - Reuters:
Russia is evaluating an earlier and smaller oil production cut proposal made by OPEC and its allies, energy minister Alexander Novak said, adding it had not received one for deeper cuts.
The Organisation of Petroleum Exporting Countries and its partners known as OPEC+ will meet in Vienna on March 5-6 to discuss additional steps to support markets hit by demand fears over spread of coronavirus.
In an initial response to counter the impact of the virus on the oil market, an OPEC+ committee recommended the group deepen its output cuts by 600,000 bpd, in addition to existing cuts of 1.7 million bpd which runs to the end of March.
“We are looking at the recommendation made by the (joint) technical committee,” Novak told reporters, adding that Russia had not received a proposal to deepen cuts by 1 million bpd. The committee meets again this week.
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