Key oil producing countries led by Saudi Arabia and Russia appear set to implement 600,000 b/d of new production cuts for three months starting in March to counter the demand destruction caused by the coronavirus outbreak, according to a delegate involved in the talks. That would apparently be on top of their existing 1.7 million b/d output cut accord that began in January and expires at the end of March. WTI oil rose 1% to $51.25/b after the news at 10:41 a.m. GMT time. Any deal would require unanimous approval of all 23 ministers in the OPEC+ coalition, composed of OPEC, Russia and nine other allies. Their next scheduled meeting is March 5-6 in Vienna but delegates have said it could be moved forward. The coronavirus has sparked fears of a major economic slowdown in […]