Russia assesses plan for smaller production cuts

According to Russian Energy Minister Alexander Novak, the country is evaluating the proposal made by OPEC (Organization of Petroleum Exporting Countries) and its allies for smaller production cuts. "We are looking at the recommendation made by the technical committee," said Novak, who also added that Russia has not received a proposal for further cuts.

On March 5 and 6, the Organization of Petroleum Exporting Countries (OPEC) and its allies (OPEC+) will meet in Vienna to discuss additional measures to support oil markets in the face of the impacts of coronaviruses.

An OPEC+ technical committee recommended that the group expand its supply cuts by 600,000 bpd. In addition, according to sources, with Brent oil prices falling, Saudi Arabia and some other OPEC members have proposed deepening cuts by 1 million bpd to address concerns about demand after the coronavirus. 

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