OPEC to try to stem oil price plunge amid coronavirus slowdownThe extraordinary two-day meeting will see OPEC discuss how to halt the sharp fall in oil prices in the past two months as the new coronavirus epidemic has spread. The two benchmarks for oil prices, Brent in Europe and WTI for the US, have fallen around 30% since early January and have tested their lowest levels for more than year. Last week the Financial Times reported that Saudi Arabia wanted to bring the cut up to a million barrels a day. Saudi Arabia is thought to be counting on prices being twice that high, SEB analyst Bjarne Schieldrop told AFP. Rober Yawger of Mizuho told AFP that he was expecting a cut of around a million barrels per day.

Source: Bangkok Post March 03, 2020 03:00 UTC