"In view of market developments and following OPEC's 178th Extraordinary meeting today, the Heads of Delegation of the OPEC Conference held further consultations and decided to 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", OPEC said.
During the meeting, the senior officials also discussed the impact of the new coronavirus outbreak.
They discussed recent developments in the global oil market and the impact of #COVID19 pic.twitter.com/VSJKjGPzd2
— OPEC (@OPECSecretariat) March 5, 2020
On Tuesday, oil prices jumped nearly five percent, in what was the biggest single-day surge in six months, on expectations that OPEC would cut production deeply and that central banks would attempt to coordinate their rescue of the global economy from the coronavirus pandemic.
It was also reported that the wider group, known as OPEC+, was considering a cut of 1 million barrels per day on top of the 2.1 million barrels that it had agreed to in December.
