OPEC may deepen production cuts as global oil demand at risk
OPEC may deepen production cuts as global oil demand at risk
The Organization of the Petroleum Exporting Countries (OPEC) and its allies could reportedly cut their oil output by a further 500,000 barrels per day (bpd) due to the impact on oil demand from the deadly coronavirus.
Sources told CNBC that the cartel considers holding a ministerial meeting on February 14-15, almost a month earlier than scheduled.
"I think it is a 'go big or go home' moment for the organization," said Helima Croft, global head of commodity strategy at RBC Capital Markets.
"If you are going the route of an extraordinary meeting, you will have to come up with a substantial reduction in order to prevent the market from further tanking," she said, adding that OPEC may potentia...








