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Novak: can't say if it's time to deepen oil output cuts

4 Feb 2020 02:57 PM

Russian Energy Minister Alexander Novak said on Tuesday he could not say with certainty if this time is appropriate to reduce oil production amid the outbreak of the new coronavirus and the decline in oil prices.

He also said that the organization of Petroleum Exporting Countries and its allies, led by Russia, a group known as OPEC+, may meet before the meeting scheduled to be held in early March.

According to informed sources in the OPEC+ that the group studying the reduction of oil production by 500k barrels per day, as a result of the impact on demand due to coronavirus.

The Joint Technical Committee (JTC( meets over 4-5 February to assess the impact on demand.

Novak said that as soon as the JTC is finished, the OPEC+ might discuss an early meeting.