Coronavirus: OPEC+ schedule emergency meeting

OPEC and its non-OPEC’s Joint Technical Committee, JTC have scheduled an emergency meeting to hold over Feb. 4-5 in Vienna over the coronavirus outbreak in China.

The meeting which holds before its yearly March meeting, will assess the impact of China’s new coronavirus on oil demand and the OPEC+, according to a report by Reuters quoting an unknown source.

The technical panel is likely to make a recommendation on whether to extend current oil supply curbs beyond March or to implement deeper output cuts, the report said.

OPEC officials are considering their options on how best to deal with the potential impact from the spread of the coronavirus, which has killed more than 300 people and caused oil prices to slide.

Oil prices have fallen globally since the outbreak, likewise volume of oil in the market increased, creating volatility.
The market expects the meeting to address making extra cuts despite the ongoing 1.8million per day cuts which would end in March.

SOURCE: sweetcrudereporrs.com