Pressure is mounting for the Opec+ grouping to commit to extending and deepening cuts when it meets in Vienna on 5-6 March. Global oil demand growth expectations for 2020 are being slashed in response to the coronavirus epidemic, and the IEA joined in this week, projecting the weakest annual growth rate since 2011.

Opec is pushing for the wider Opec+ alliance to extend the existing production cuts beyond their current end-March expiry to end-2020. It is also advising that Opec+ deepen those cuts by 600,000 b/d in Q2. The IEA’s latest figures certainly strengthen the position of those calling for deeper cuts. (CONTINUED - 1302 WORDS)