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- OPEC expected to push for big oil cut as coronavirus hits demand; Russia yet to decide
OPEC expected to push for big oil cut as coronavirus hits demand; Russia yet to decide
CNBC reports that OPEC ministers are expected to approve a large oil production cut on Thursday, but they still face an uphill battle to receive approval from non-OPEC leader Russia.
The meeting of the 14-member group OPEC and 10 non-member allies, known collectively as OPEC+, is taking place in Vienna, Austria.
OPEC ministers hold their formal meeting on Thursday which will be followed by a meeting of the broader OPEC+ alliance, including Russia, on Friday.
The majority of analysts appear to be expecting an output cut of around 1 million bpd (barrels per day), with OPEC kingpin Saudi Arabia thought to be pushing for an even greater reduction in order to support the market.
However, Russia's appetite for further production cuts remains far from certain, despite oil prices falling more than 25% since late January.
The gathering comes as oil prices are under pressure from weaker demand amid the coronavirus outbreak; demand last year had already been shaken by the trade war between the U.S. and China.
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