Russia still studying proposed deeper Opec+ output cuts: Novak

MOSCOW: Russia is still studying proposed deeper oil output cuts by the Opec+ grouping of top producers prompted by the new coronavirus outbreak in China, Energy Minister Alexander Novak said on Tuesday.

A technical panel that advises the Organization of Petroleum Exporting Countries (Opec)) and its allies led by Russia has proposed a further cut of 600,000 barrels per day (bpd), three sources told Reuters last week.

That is about 0.6 per cent of global supply and would increase Opec+ cuts to 2.3 million bpd.