Opec recommends big output cut

VIENNA: Ministers from the Opec cartel of oil-producing countries on Thursday recommended a drastic production cut of 1.5 million barrels per day to their allies to counter a slump in demand caused by the coronavirus outbreak. However, it remains to be seen whether the Opec+ states — Russia in particular — will be prepared to countenance such a large cut when they join the meeting of the Organization of Petroleum Exporting Countries on Friday. Opec nations — led by the world’s third-largest oil producer Saudi Arabia — agreed on Thursday to recommend “a further adjustment of 1.5 million barrels per day until June 30, 2020,” a statement issued by the Vienna-based bloc said. — AFP