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OPEC+ Technical Committee recommends further oil cuts in second quarter

Committee members had big differences in estimates of the coronavirus on the oil demand, TASS sources from participating delegations said earlier

VIENNA, March 3. /TASS/. The meeting of the OPEC+ Technical Committee, which lasted more than nine hours, ended on Tuesday with approval of a recommendation for OPEC+ participants to further reduce oil production by 0.6-1.0 mln barrels daily for the second quarter of 2020 due to the coronavirus spread, a source familiar with the meeting progress told TASS on Tuesday.

The Committee at the same time has kept the recommendation to extend the current deal. According to its terms, OPEC+ countries will reduce oil production by 1.7 mln barrels a day against the October 2018 level until the end of 2020.

Committee members had big differences in estimates of the coronavirus on the oil demand, TASS sources from participating delegations said earlier.