Monday, March 2, 2020

Potential production cut by OPEC could push Brent to $55/bbl


https://www.moneyplantresearch.com/index/
China's shutdown puts OPEC and allies nations in an awkward position. Markets keep on assuming the virus clears up pretty quickly, but as the spread of the virus to Italy and Korea accelerate, the crisis could continue to grow worse. OPEC is worried about the slump in Chinese oil demand pressuring oil prices below the pain threshold of its members.

An emergency meeting of technical experts over February 4- 6 recommended a deepening of collective output cuts to 2.7 million barrels per day in the second quarter from the cut of 2.1 million barrels per day agreed for January-March.



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