A ministerial committee of OPEC and its partners led by Russia recommended that the OPEC+ oil production cuts be deepened by 500,000 bpd, two sources told Reuters on the sidelines of the OPEC meeting in Vienna. The Joint Ministerial Monitoring Committee (JMMC) of the OPEC and non-OPEC countries with representatives of the leaders of the two groups, Saudi Arabia and Russia, respectively, met to discuss the state of the oil market and to suggest a course of action for the full OPEC ministerial meeting which is taking place at the time of writing. The full ministerial OPEC plus Russia-led non-OPEC meeting will be held on Friday. Russia’s Energy Minister Alexander Novak said at the end of the OPEC+ JMMC panel meeting that the recommendation is to deepen the cuts by 500,000 bpd in the first quarter of 2020 with full compliance and JMMC to meet again in March to […]