RE: Russia supports OPEC+ panel proposal for deeper oil cut: foreign minister7 Feb 2020 00:29
"Russia's support could pave the way for OPEC to bring forward to February a ministerial policy meeting planned for early March to formalise the decision. The Joint Technical Committee (JTC), the panel that recommended the cut, is a non-decision-making body that advises the oil producer group.
Saudi Arabia has been voluntarily holding its output to 400,000 beneath its quota, bringing the total effective OPEC+ cuts to 2.1 million bpd. The OPEC+ JTC has also recommended extending current output cuts of 2.1 million bpd until the end of 2020, two sources said. The current OPEC+ agreement expires in March.
One OPEC source said the proposed output cut of 600,000 bpd, if agreed by all members, will start immediately and continue until June. "The 600,000 bpd has taken into consideration the expected return of Libya oil production and all scenarios for oil demand growth," the source said, adding that the proposed cut was enough to counter the expected drop in oil demand due to the coronavirus."
https://www.devdiscourse.com/article/headlines/864940-update-7-russia-backs-opec-proposal-to-cut-oil-output---lavrov