Posted Feb 2 2020 at 9.41 p.m.Updated Feb 2. 2020 at 10:22 p.m.
The coronavirus
does not panic that health services around the world. By slowing the Chinese economy, it also begins to weigh on the oil price.
It is to analyze this drop in crude oil prices, linked to the epidemic, that
the Organization of the Petroleum Exporting Countries (OPEC)
and his Russian ally will hold a technical meeting on Tuesday and Wednesday in Vienna, a source close to the organization told AFP on Sunday.
The OPEC technical committee and its partners are traditionally responsible for analyzing the economic situation on the oil market in order to help the cartel adjust its production quotas to influence prices.
A 9% decline over a week
The next ministerial meeting of the OPEC countries led by Saudi Arabia, and their allies outside the organization, including Russia, (OPEC +) is still scheduled for March 5 and 6, but with uncertainty created by the epidemic, the possibility of advancing the ministerial meeting has been raised in recent days.
They will then have to decide
if they renew their production limitation volumes
or if they accentuate them because of the economic situation.
The barrel of Brent is passed under the symbolic bar of 60 dollars, falling to 56.6 euros last Friday, against more than 68 euros in early January. In one month, it lost 17%, recording its biggest drop since November 2018, and even 9% for the last week of January alone.
As the world’s leading importer and consumer of oil, China is a key player in the market.
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