Oil dips as markets remain uncertain over Opec+ action – The National

Oil dips as markets remain uncertain over Opec+ action – The National

Oil dips as markets remain uncertain over Opec+ action. WTI falls below $50 per barrel as Russian Energy Minister Alexander Novak says more time is needed to assess the coronavirus impact on demand. Oil prices remained depressed amid reluctance from Opec+ members to agree on additional production cuts for the short term to counter the fallout from the coronavirus outbreak.. Brent, the most widely used benchmark, was down 1.2 per cent at $53.80 a barrel at 6.15pm UAE time, while West Texas Intermediate was 1 per cent lower at $49.82 a barrel.. The Opec president, Algerian Energy Minister Mohamed Arkab, said the committee also suggested deepening production cuts until the second quarter of the year.. Russia has been reluctant to endorse further cuts, with its Energy Minister Alexander Novak downplaying the impact of the coronavirus on oil demand and saying more time is needed to fully assess the impact.. Opec+ is set to meet in early March to review its pact and the recommendations outlined by the committee.. Azerbaijan, a non-Opec member of the alliance, said it is unlikely that Opec would meet ahead of its planned March summit.. "If the recommendations of the JTC are adopted and carried through,