OPEC+ discussing additional output cut of up to 1 million bpd – Reuters

Eren Sengezer FXStreet

The OPEC and its allies (OPEC+) are discussing an additional output cut of up to 1 million barrels per day (BPD), Reuters reported on Friday, citing four sources familiar with the matter.

"Several OPEC members, including Saudi Arabia, are leaning towards a deeper oil output cut because of coronavirus," Reuters added.

Oil reaction

The barrel of West Texas Intermediate (WTI), which slumped to its lowest level since December 2018 at $44.94 earlier in the day, recovered modestly on this headlines and was last seen trading at $45.60, still down 1.6% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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