OPEC may hold an emergency meeting to discuss the impact of the epidemic of coronavirus in China on the oil market. They were afraid that the oil will continue to fall after price lost 10 percent, writes Bloomberg.
The Minister of energy of Algeria Mohamed Arkab suggested that the meeting could take place in the near future. One of the sources the Agency believes that we are talking about early next week, the other notes that currently there are informal talks.
As of 20 of January the price of Brent crude oil was $ 66 per barrel, a week later, the price fell to 57.7 dollar. After a small correction fall resumed as of 13:30 Moscow time it has reached 57,81 dollars.
The article notes that the outcome of an emergency meeting the parties will have to take some action. Otherwise the overall disappointment in the market could further derail the oil. Last month, OPEC has announced production cuts, and if the meeting will end in vain, it would mean that the cartel does not know what to do.
The Agency source also suggested that the event will move to February only in the case that it will be attended by Russian energy Minister Alexander Novak.
Analysts expect that oil prices will continue to fall as long as the situation with coronavirus not stabiliziruemost and will understand the extent of its influence on demand.
Video, photo All from Russia.