OPEC considering oil production cuts to offset coronavirus impact

OPEC considering oil production cuts to offset coronavirus impact
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OPEC members are calling for a reduction in oil production around the world to counter dropping prices thought to be a result of the global coronavirus outbreak.

The Associated Press reported that a proposal from OPEC members set to be considered Friday calls for steep cuts to oil production from nonmember states, including Russia, with a number of other nations already reportedly on board.

Russia appeared to be the main obstacle to reaching an agreement for further cuts of at least one million less barrels per day on top of a 1.7 million barrel-per-day reduction that OPEC members and other oil-producing nations agreed upon in December.

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“We’ll see tomorrow" if Russia will be on board with the new cuts, Saudi Arabia's top oil minister, Prince Abdulaziz bin Salman, told the news service.

“No, we have no other plan" if they don't agree, added Iran's oil minister, Bijan Zangeneh.

Global markets have suffered for months amid the coronavirus outbreak, which has infected tens of thousands of people and killed more than 3,000. Health officials warn that a larger outbreak in the U.S. in the coming weeks remains possible.

Iran in particular has also been hard-hit by the disease, with nearly 10 percent of the country's parliamentary members testing positive, according to state media.