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OPEC To Review Oil Price Fall Following Coronavirus Epidemic

 

OPEC members and their ally Russia will convene a technical assembly this week to analyse oil worth falls because the outbreak of a coronavirus epidemic, a supply near the cartel stated on Sunday.

The Organization of the Petroleum Exporting Countries will assemble specialists in a “joint technical committee’ in Vienna on Tuesday and Wednesday, the source told AFP.

Crude prices have suffered since the virus outbreak as worries about its impact on China’s economic growth have taken hold.

China is the world’s second-biggest economy and a huge consumer of crude.

US benchmark oil contract WTI has fallen by around 18 per cent over the past month.

Top oil exporter and OPEC kingpin Saudi Arabia said this week that the impact of the virus on oil demand was “extremely limited” however that the dominion was carefully following occasions.

A giant a part of the impression of world markets was “driven by psychological factors” and “pessimistic views”, Saudi stated.

Russian power minister Alexander Novak, appeared much less sanguine, nevertheless, saying on Friday that the virus disaster may result in decrease demand for hydrocarbon fuels.

The 13-member OPEC cartel repeatedly sits down with 10 non-members led by Russia to resolve on measures to affect the oil worth.

OPEC and its allies in December prolonged an present settlement to curb crude oil manufacturing to maintain costs from plunging.

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