Full Report
Predictions
- Riyadh will continue to push for extended OPEC+ output cuts to sustain crude prices amid falling Chinese demand
- Bilateral ties between Crown Prince and President Putin will likely ensure agreement over moderate cuts at OPEC+ meeting in March
- Larger cuts will remain possible should coronavirus outbreak show signs of escalation and further depress Chinese demand in coming weeks
Event
Russian officials said on 7 February that they required more time to consider a Saudi-led proposal to extend oil output cuts by an additional 600,000 barrels per day in the first quarter of 2020 following a meeting of the OPEC+ (which comprises the thirteen OPEC members plus ten non-OPEC producers) Joint Technical Committee in Vienna the previous day.