OPEC and its allies could cut production by more than a million barrels a day at a rescheduled meeting this month, as policymakers work to arrest a double-digit collapse in the price of oil.
Representatives from OPEC are reportedly planning to meet on Tuesday and Wednesday in Vienna to discuss options to mitigate the impact of a loss of demand arising from the deadly coronavirus outbreak.
Brent crude traded at $56.26 a barrel, having fallen 13% in the same period. Brent is now at its lowest level since January 2019.Omar Marques | SOPA Images | LightRocket | Getty Imagesand its allies could cut production by more than a million barrels a day at a rescheduled meeting this month, as policymakers work to arrest a double-digit collapse in the price of oil.
"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 potentially cut production in the "1 million plus range" this month., citing OPEC officials, that kingpin Saudi Arabia was considering an option to cut by 1 million barrels a day to jolt markets.
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