Coronavirus: OPEC wants to extend production cuts

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.

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