OPEC to try to arrest global oil price plunge amid slowdown due to Coronavirus

Published On: Tuesday, March 3, 2020 | By: Team KnowMyStock

At the last meeting of OPEC in December, the producers agreed to cut production by 500,000 barrels per day, with Saudi Arabia offering a further 400,000 barrels of "voluntary" cuts. Prices were under pressure at that point from abundant reserves and weak global growth. The cuts announced in December initially had the desired effect of an uptick in prices but the outbreak of Coronavirus has since sent them plunging back down again. The OPEC meets on5th March (Thursday) in Vienna to analyse how to react to a sharp drop in global oil demand due to the outbreak of the coronavirus. The extraordinary two-day meeting will see OPEC, led by Saudi Arabia, and its allies in the so-called OPEC+ group -- foremost among them Russia -- discuss how to halt the sharp fall in oil prices in the past two months as the epidemic has spread.

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