The members of the Organization of the Petroleum Exporting Countries (OPEC) and Russia will organize a technical meeting this week to analyze oil price falls following the outbreak of a coronavirus epidemic, according to a source close to the cartel on Sunday.
The source told AFP that the OPEC will assemble experts in a “joint technical committee” on Tuesday and Wednesday in Vienna, Austria.
Following the 2019 novel coronavirus outbreak, crude prices have suffered as worries about its impact on the economic growth of China have taken hold. To date, China has a huge consumer of crude and was the world’s second-biggest economy.
Saudi Arabia, a top oil exporter and OPEC kingpin, said that the impact of the 2019 novel coronavirus on oil demand was “extremely limited,” yet a big part of the impact of global markets was “driven by psychological factors” and “pessimistic views.”
According to Alexander Novak, a Russian energy minister, the virus crisis may lead to lower demand for hydrocarbon fuels. OPEC alliance regularly sat down with 10 non-members led by Russia in order to decide on measures to influence the oil price.
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