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OPEC is in discussions to bring forward its scheduled March 5-6 meeting as the oil market continues to be buffeted by the impacts of the coronavirus outbreak.
Algerian energy minister Mohamed Arkab said Wednesday a decision would be made `in the coming days.`
`It is very likely to advance to February the OPEC meeting. initially scheduled for the beginning of March. so that we can find the means to ensure market balance.` he said. according to state news agency APS.
OPEC and 10 allies agreed in December to implement 1.7 million b d of production cuts for the first three months of 2020 and to meet March 5-6 in Vienna to decide on any next steps.
But with the coronavirus spreading and oil prices falling sharply due to concerns about the state of the Chinese economy – the outbreak began in the city of Wuhan – and jet fuel demand. the coalition appears set to be spurred into speedier action. with sources saying deeper cuts could be considered.
One delegate told S&.P Global Platts the OPEC secretariat was preparing a report on the impact of the coronavirus for members to consider.
OPEC Secretary General Mohammed Barkindo could not be reached for comment Wednesday.
