OPEC+ considering further oil output cut of 500,000 bpd due to virus impact on demand – Reuters

The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, is considering to deepen the oil output cut agreement by an additional 500,000 barrels per day due to the coronavirus' impact on demand, Reuters reported on Monday, citing two sources familiar with talks.

"Most OPEC members agree on the need to cut oil output further," sources added and noted that OPEC+ is planning to meet on February 14-15.

Crude oil reaction

The barrel of West Texas Intermediate edged higher on these comments and was last seen trading at $51.75, adding 0.4% on a daily basis.