Business News of Tuesday, 4 February 2020Source: bbc.comCoronavirus and oil: Why crude has been hit hardThe world's biggest oil producers could be about to slash output as they grapple the coronavirusThe world's biggest oil producers could be about to slash output as they grapple with the fallout of the coronavirus. Representatives of oil producers' cartel Opec and its allies are expected to meet this week as calls grow for action to support oil prices. Why have global oil prices fallen so much? That means the world's biggest importer of crude oil, which usually consumes about 14 million barrels a day, needs a lot less oil to power machinery, fuel vehicles, and keep the lights on. The world's biggest oil producers are said to be discussing more production cuts, that have been in place since 2016, to boost falling prices.

Source: GhanaWeb February 04, 2020 15:45 UTC