The case of coronavirus has been alarming the authorities and the oil is already going for its sixth day of losses, with Brent below $60. Thus, OPEC (Organization of Petroleum Exporting Countries) wants to extend its current cuts in oil production at least until June.
“An additional extension is a strong possibility and deeper cuts are a possibility,” an OPEC source told the Reuters, which also added that the impact on Chinese demand could be clearer next week.
A source also said that although Moscow has already demonstrated intention to leave the cuts, Russia must still remain in the if oil prices remain below $60 per barrel. Already last Monday (27), Saudi Arabia spoke about the case and whether met with other producers, asking caution against more pessimistic projections on the impacts of the virus.ACESSE AS REDES DA PANORAMA OFFSHORE: