Russia's Novak: Can't say if now is right time to deepen oil production cuts

The OPEC and its allies, OPEC+, could hold a ministerial meeting before the scheduled gathering in March amid the sharp drop in crude oil prices driver by coronavirus fears, Russia's Energy Minister Alexander Novak noted on Monday.

Regarding the possibility of the group additional output curbs, "I can't say if now it is the right time to deepen oil production cuts," Novak said and added that he sees a lot of uncertainties and "panic attacks" on global oil markets.

WTI reaction

The barrel of West Texas Intermediate (WTI) erased a small portion of its recovery gains following these comments and was last seen trading at $50.75, still up 1.75% on a daily basis.