OPEC offers to cut output by 1.5 million barrels per day in 2020

At the 178th extraordinary meeting held on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) recommended that its members and allied producers cut output by another 1.5 million barrels in 2020, Report informs, citing Russian media.

Earlier, it had planned to cut production only in the second quarter of 2020.

According to the OPEC statement, the monitoring, consultations, and continuous consideration of the current situation in the market demonstrate that OPEC members are loyal to the joint efforts to keep the market stable: "Members of the Declaration of Cooperation are able to unite and struggle with the current situation in the oil market."