OPEC's oil cut proposal would boost price to $60 a barrel: Russia's Lukoil - Reuters

OPEC's oil cut proposal would boost price to $60 a barrel: Russia's Lukoil - Reuters:

OPEC’s proposal to cut oil production by up to 1 million barrels a day would be enough to balance the oil market and lift prices to $60 a barrel, Leonid Fedun, vice-president of Russian oil producer Lukoil, told Reuters.

The comments from Fedun, who was talking on the sidelines of the company’s presentation of its low-carbon energy strategy, suggest Russia may be willing to agree to OPEC’s proposals for more output cuts in light of the coronavirus outbreak. 

The Organization of the Petroleum Exporting Countries and its partners, a group known as OPEC+, will meet in Vienna on March 5-6 to discuss additional steps to support the oil market as the spread of the coronavirus risks hurting demand.

OPEC initially called for a cut of 600,000 barrels per day (bpd) to prop up prices, in addition to existing cuts of 1.7 million bpd which are expected to be extended when expire this at the end of this month.