Delegates from oil-producing countries started arriving Wednesday in Vienna to discuss output cuts in a meeting overshadowed by worries over the new coronavirus.
Two medical staff members, wearing Red Cross vests, were taking the temperature of ministers and other delegates entering the Vienna headquarters of the Organization of the Petroleum Exporting Countries.
OPEC, led by Saudi Arabia, and its allies in the so-called OPEC+ group – foremost among them Russia – will discuss how to halt the sharp fall in oil prices in the past two months as the epidemic has spread and global oil demand has slumped. The cuts announced in December initially had the desired effect of an uptick in prices — already under pressure at that point from abundant reserves and weak global growth but the epidemic has since sent them plunging again.
“After the coronavirus situation we have an oversupply in the market, it’s necessary OPEC and non-OPEC do something for the balance in the market,” he told reporters.
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