Temperature Screenings, Footshakes As OPEC Meets Amid Coronavirus Concerns
READ ALSO:Cookies and sandwiches were served on the sidewalk outside the building instead of next to the press conference room, usually thronged by journalists.
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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