OPEC Considering Moving March 5 Meeting Forward Due to Coronavirus Impact

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&amp.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.

 

About core

Check Also

90% of Iran’s Rural Areas to Get Access to Gas Network by Late March

The head of the National Iranian Gas Company (NIGC) said 90 percent of the country’s …

Leave a Reply

Your email address will not be published. Required fields are marked *