Organisation of Petroleum Exporting Countries

With crude oil prices shedding over $11 per barrel this year to $55, thus alarming the producers, a panel set up by the Organisation of Petroleum Exporting Countries (OPEC) and its allies have recommended a provisional cut of 600,000 barrels per day in oil supply to the international market, in response to the Coronavirus outbreak, which has reduced the demand.

Reuters reported that Thursday’s recommendation of the technical panel of the cartel and its allies, better known as OPEC+, to stabilise the oil market, will however await Russia’s final approval.

The Joint Technical Committee (JTC) is not a decision-making body …