LONDON/DUBAI: OPEC wants to extend current oil output cuts until at least June, with the possibility of deeper reductions on the table if oil demand in China is significantly impacted by the spread of a new coronavirus, OPEC sources said. The quick slide in oil prices over the past few days has alarmed OPEC officials, the sources say, as the new virus found in China and several other countries raised concerns about a hit to economic growth and oil demand. Russia had insisted it wanted the current deal to last only until March, while Saudi Arabia has been keener for the deal to last longer, according to OPEC+ sources. It has suffered in recent years because of low oil prices and austerity measures aimed at reducing a huge budget deficit. The kingdom wants high oil prices to balance its state budget.

Source: Pakistan Today January 28, 2020 13:07 UTC