OPEC eyes keeping output low

Members of OPEC are expected to continue to keep oil production levels lower to boost prices after a virtual meeting Monday, as the coronavirus pandemic has dramatically dampened demand for crude, according to a report.

OPEC, led by Saudi Arabia, must reach an agreement among its members and those in the group known as OPEC Plus, led by Russia, which meets Tuesday, ABC News reported.

Algerian Energy Minister Abdelmadjid Tebboune said OPEC reached an agreement to keep production levels down.

“There is consensus at the OPEC level . . . on extending the current 7.7 million barrels per day cuts until . . . the end of March,” Tebboune, president of the coalition, said before Monday’s meeting. But The Wall Street Journal reported that members have decided to put off making any decision until Tuesday so they can meet with Russian oil producers.

As coronavirus cases continue to surge globally, the cartel is trying to determine how long demand will be down, the report said.

Some experts fear the global market will never fully recover because of COVID-19 lockdowns and travel restrictions, and efforts to cut fossilfuel use in the battle against global warming.

Cartel members have been under pressure for months as they restrict output.

“There becomes too much temptation for countries to exceed their production targets.” Jacques Rousseau, managing director at Clearview Energy Partners, told ABC News.