OPEC+ may move meeting date due to coronavirus, no decision yet

ALMATY, Jan 31 (PRIME) -- The OPEC+ states are discussing the possibility of moving the date of the meeting planned for March 6 to an earlier date due to the coronavirus emergency in China, but there is no final decision yet, Russian Energy Minister Alexander Novak told reporters on Friday.

“We may meet earlier, it is not a problem, (we can) meet instantly if it is necessary. We can even move the meeting, we have discussed our readiness to move its date. But as for the exact date, we continue the discussion depending on the situation,” he said.

OPEC+ will be able to react to possible significant consequences of the virus for the oil market. The situation needs appraisal in the next few days for the reaction, Novak also said.

“If (China’s) economy decelerates… demand for oil will also fall… (OPEC+) is ready to react to such thing. But we need to appraise the situation more precisely first, monitor the events in the next coming days,” he said.

Russia keeps in constant touch with the colleagues from Saudi Arabia, the UAE and Iran on the situation, he added.

In November 2016, OPEC and non-OPEC states including Russia first decided to reduce their oil output to rebalance the market, and agreed on additional reduction in December 2018. In July, they prolonged the deal until April 2020. According to the latest amendments, the agreement stipulates a production cut by 2.1 million barrels per day.

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