GUIDANCE
The Coronavirus Crisis Will Prompt Only Modest Cuts From OPEC+

Feb 28, 2020 | 11:00 GMT

Russia's cautious approach to oil production cuts will triumph over Saudi desires for deeper trims at the OPEC ministers meet late next week at the cartel's headquarters in Vienna.
(SODEL VLADYSLAV/Shutterstock)
Highlights
- OPEC+ will probably decide on a distributed headline cut of around 600,000 barrels per day at the March ministerial meeting in Vienna.
- The trend toward a more lengthy demand slump from the effects of the coronavirus outbreak will overcome Russian hesitancy to cut, but the Kremlin will push to limit the volume.
- While benchmark prices in the $50s, or even briefly in the upper $40s, will not cause Russia acute pain, it will further limit U.S. production growth in the second half of the year.
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