OPEC recommend extending the duration of the proposed 1.5 million barrel per day additional adjustment until the end of 2020, instead of 30th of June 2020.

With oil prices tumbling, OPEC now wants to deepen its production cuts with non-OPEC allies by 1.5 million b/d for the full year 2020, instead of just the second quarter, sources said Thursday.

“Conoravirus ... is a short-lived factor which is affecting oil prices ... There will be an OPEC (and non-OPEC) meeting, compensatory measures will be taken which will take the excess oil off the market and the oil price will rebound,” Fedun said.

Despite heavy lobbying by Saudi Arabia, the 23-country coalition of OPEC and non-OPEC producers has yet to agree on any plans to rein in crude oil production further.

The global impact of coronavirus will only be “short term”, according to the CEO of Saudi Aramco.

"Если говорить о сроках встречи, то, наверное, общее сейчас понимание, что переносить на более ранние сроки уже нет целесообразности. То есть та встреча, которая была запланирована, 4 марта — JMMC (министерский мониторинговый комитет — ред.), 6 марта — встреча ОПЕК+. На мой взгляд, она в эти сроки и должна состояться. Но опять же — это мое мнение. Осталось две недели, ничего нет такого чрезвычайного, чтобы переносить сроки", — добавил Новак.

OPEC members and allied oil producers, the so-called OPEC+, have agreed to cut their crude oil production by an additional 500,000 bbl/d until their next meeting in early March 2020.

Iran’s support for any output reduction agreed by a majority of OPEC member states

The Russian delay is sure to frustrate OPEC kingpin Saudi Arabia, which had called for the collective to immediately implement deeper cuts of 500,000 b/d or more amid the sell-off in crude prices.

Russian President Vladimir Putin and Saudi King Salman bin Abdulaziz "thoroughly discussed" the current oil market conditions as prices have fallen by more than 20% in the past three weeks amid global oil demand concerns, a Kremlin statement said late Monday.