The curbed output represents some 10 per cent of the world's overall supply.

Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices, straining budgets of oil producers.

Oil prices have more than halved since the start of the year amid a pricing war between Saudi Arabia and Russia.

The prime minister says he knows B.C. residents are struggling and the federal government is open to ideas that would make life more affordable for Canadians.

Dan McTeague, a senior petroleum analyst at GasBuddy.com, says gasoline prices are at near-18-month lows because of global oil prices that have tumbled over the past two months on worries of an economic downturn, a U.S.-China trading tiff and concerns that members of the OPEC oil cartel won't live up to production cuts.

A prevailing sense of anxiety was in the air in the Swiss ski resort of Davos as the World Economic Forum kicked off Wednesday with delegates fretting about the turbulence in financial markets.