OPEC calls for extending oil production cuts amid coronavirus impact

Organization of Petroleum Exporting Countries (OPEC) has recommended extending oil production cuts until the end of 2020 due to the negative impact of the coronavirus outbreak on global oil demand.

The Minister of Energy of Algeria and President of the OPEC Conference in 2020, Mohamed Arkab, has said that following an extraordinary meeting of the Joint Technical Committee (JTC) held in Vienna, from 4-6 Feburary 2020, the JTC has recommended extending voluntary production adjustments under the ‘Declaration of Cooperation’ process until the end of 2020 and to proceed with an additional adjustment until the end of the second quarter.

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