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OPEC reportedly discussing additional output cut of up to 1 mil bpd now

  
  Analysis
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Reuters reports, citing OPEC sources on the matter

OPEC

This is similar to the story reported by the FT earlier today here. It is said that several OPEC members, including Saudi Arabia, are leaning towards a deeper oil output cut because of the coronavirus outbreak.

Yeah, I’m not sure if Russia is going to get on board with that. In any case, Saudi Arabia is likely going to have to do the bulk of the heavy lifting here to push this through.
Even then, I’m not sure if it would be enough to turn sentiment around in the oil market as the virus outbreak continues to be more widespread across the globe.

FT: Saudi Arabia is pushing to make a substantial cut in oil production when Opec meet

  
Analysis, Crude
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OPEC meet 5 and 6 March in Vienna, the Financial Times says Saudi Arabia  is asking producers including Russia for a production cut of an additional 1m barrels a day

FT citing five people familiar with the talks,
Under the proposal, Saudi Arabia would account for the bulk of the new 1m b/d cut
  •  Kuwait, the United Arab Emirates and Russia would split the rest
  • Deal not yet been agreed
  • Moscow still hesitant
This proposal is up from the 600k bpd proposal previously floated.
OPEC meet 5 and 6 March in Vienna, the Financial Times says Saudi Arabia  is asking producers including Russia for a production cut of an additional 1m barrels a day

OPEC+ said to be considering additional 500k bpd oil output cut due to virus impact

  
  Analysis
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Reuters reports, citing two unnamed OPEC sources on the matter

The sources say that most OPEC members agree on the need to cut oil output further and that they are considering to have a meeting on 14-15 February now. Just one to keep in mind as such a move may provide some relief to oil prices in the near-term.

That said, once again it will be an issue on compliance to see how effective these cuts are. Oil is getting a bit of a pop on the headlines, with WTI crude now up 0.4% to $51.80.
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