OPEC May Call Early Meeting as Virus Puts Oil Demand at Risk - Bloomberg

OPEC May Call Early Meeting as Virus Puts Oil Demand at Risk - Bloomberg:

OPEC members are considering holding an emergency meeting next month, as oil prices sink on concern the coronavirus outbreak will hit demand.

Algerian Energy Minister Mohamed Arkab said the producer group’s meeting scheduled for March is likely to be moved to February, the Algerie Presse Service reported. A decision may be taken “in the coming days,” he said. He currently holds the rotating post of OPEC President, giving him the authority to convene emergency meetings in consultation with the Secretary-General and other members.

One delegate from an OPEC member said privately it could happen as soon as next week, and another floated mid-February as a date. Still, several delegates said they were unaware of discussions to bring the March 5-6 meeting forward.

There’s good reason to be skeptical about the prospective change of dates. If the group convenes an emergency meeting without announcing new measures, the disappointment among traders could push prices even lower. It already unveiled deeper production cuts just over a month ago, and as these are put into effect, Saudi Arabia -- which has borne the greatest burden in reducing supply - has slashed output to the lowest since 2014.