OPEC+ considering further 500,000 bpd oil output cut – sources – ZAWYA

OPEC+ considering further 500,000 bpd oil output cut – sources – ZAWYA

The coronavirus outbreak in China could cut oil demand by more than 250,000 bpd in the first quarter of this year. LONDON- OPEC and its allies are considering cutting their oil output by a further 500,000 barrels per day (bpd) due to the impact on oil demand from the coronavirus, two OPEC sources and a third industry source familiar with discussions said.. The Organization of the Petroleum Exporting Countries and allies including Russia, known as OPEC+, are considering holding a ministerial meeting on Feb. 14-15, one of the OPEC sources said, earlier than a current schedule for a meeting in March.. The technical panel is likely to make a recommendation on any further action to support the market, the sources said..