Arzuw NEWS - Turkmenistan news

What should we expect from oil producers?

The world's largest oil producers may cut production in the face of the spread of the coronavirus.

The world's largest oil producers are discussing further production cuts, beyond those that have been in place since 2016, to accelerate the price drop.

On Monday, OPEC member Iran publicly called for oil price support measures in the wake of the coronavirus outbreak.

The OPEC meeting this week will reportedly discuss oil production cuts of 500,000 to one million barrels per day.

Margaret Young of CMC Markets said the market expects a 500,000-barrel-a-day cut in production, but added: "We don't rule out even deeper cuts if the situation deteriorates."

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