Russia is still reviewing the recommendation of the OPEC+ technical panel for additional cuts of 600,000 bpd in response to the slump in oil demand over the coronavirus outbreak, Russian Energy Minister Alexander Novak said on Tuesday, as Moscow continues to avoid a direct comment on last week’s proposal that the OPEC+ coalition deepen the production cuts. Last week, the technical panel of the OPEC+ group recommended extending the oil production cuts agreed last December to the end of 2020, the current president of OPEC, Algeria’s oil minister, said on Sunday. The panel also recommended deeper cuts—of 600,000 bpd—to last until the end of Q2. Russia, however, has asked for time to review the proposal at home and as of Tuesday, it was still studying it. “Russia is following closely the impact of the coronavirus outbreak on the global energy markets. The situation remains highly uncertain,” Novak said today, […]