OPEC+ in Second Day of Talks as Saudis Push for Emergency Cut
- Cartel is assessing impact of China coronavirus on oil demand
- Saudis want group to agree on cut of at least 500,000 b/d
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OPEC+ officials gathered in Vienna for a second day of debate on the impact of the coronavirus, a process that could result in an emergency ministerial meeting where Saudi Arabia would push for an oil-production cut.
The price of crude has plunged on expectations that the epidemic will squeeze China’s economy and curtail consumption of oil in the world’s biggest importer. That’s prompted Saudi Arabia to advocate for urgent action from Organization of Petroleum Exporting Countries and it allies, but its efforts have repeatedly run up against Russia‘s reluctance to cut deeper.