What Happened OPEC and non-OPEC allies (also known as OPEC+) have failed to agree on how much oil production to cut, despite the potential for massive disruptions in oil demand due to the coronavirus outbreak. According to a March 6 statement, OPEC said the two groups had not even agreed to extend the production cuts agreed to in December 2018, nor a date for another meeting. This followed OPEC ministers’ brief second-day meeting with the non-OPEC-member countries, during which Russian Energy Minister Alexander Novak said he was not authorized to agree to anything beyond a three-month extension of the old targets. On March 5, OPEC proposed an aggressive production cut in its ministerial meeting, which it held without Russia or other non-members present. At the end of the meeting, it released a statement calling for a 1.5 million barrel per day (bpd) production cut through the end of June.