All eyes on Opec plus meet in Vienna as coronavirus spreads
New Delhi: With the coronavirus outbreak adding another level of uncertainty to the global energy markets, all eyes are on the two-day meeting of the Organization of the Petroleum Exporting Countries (Opec) and its allies starting Thursday, which is expected to announce deeper production cuts.
The so called Opec plus meeting in Vienna, which includes Russia, comes in the backdrop of Opec slashing the global oil demand growth by 0.99 million barrels per day (mbpd) in 2020, with the Coronavirus outbreak in China accounting “for most of the downward revision”. Also, the US Federal Reserve reduced its policy rate by 50 basis points on Tuesday.
While the global crude oil prices were on a downward spiral in the backdrop of coronavirus outbreak, they gained on Tuesday on production cut expectations.
