The Organization of the Petroleum Exporting Countries (OPEC) called here on Thursday for a further cut of 1.5 million barrels per day to support prices.
The 178th (Extraordinary) Meeting of the Conference of OPEC concluded that the coronavirus outbreak has had a major adverse impact on global economic and oil demand forecasts in 2020, particularly for the first and second quarters, according to a statement released after the meeting.
The Conference decided to recommend to the eighth OPEC and non-OPEC (known as OPEC+) Ministerial Meeting, which will be held on Friday, a further cut of 1.5 million barrels per day until June 30, 2020.
According to the statement, OPEC members would cut 1 million barrels per day, while non-members led by Russia would share the cut of 500,000 barrels per day.
The meeting also agreed to recommend OPEC+ an extension of the current cut levels of 1.7 million barrels per day for the rest of the year.
Editor:Cherie
