Algeria has announced that a technical meeting of the Organization of Petroleum Exporting Countries (OPEC) and its allies has asked for intensification of the decline in oil production in response to the Corona virus.
Algerian Energy Minister Mohammad Arkab said in a statement that the OPEC and Non-OPEC Technical Meeting have suggested extending the current OPEC production reduction by the end of 2020, as well as intensifying production decline due to the impact of the Corona virus on oil demand, Reuters reports from Dubai.
He now chairs the OPEC meeting, also announces that the OPEC Joint Technical Committee and its allies have proposed a further reduction in production by the end of the second quarter of 2020.
The OPEC and Non-OPEC Joint Technical Committee ended its meeting last week.
The outbreak of the Corona virus has had a negative impact on economic activities, especially in the transport, tourism and industry sectors, specifically in China, and increasingly in the Asia region and gradually in the world, said Arkab.