OPEC Chief Says Group Is Making Renewed Push for Oil Deal - Bloomberg

OPEC Chief Says Group Is Making Renewed Push for Oil Deal - Bloomberg:

OPEC and its allies are displaying a “renewed commitment” to reach an accord that will stabilize oil markets hit hard by the coronavirus, the group’s top official said.

All eyes will be on the group’s meeting next week after crude prices slumped to a one-year low below $46 a barrel in New York. The disease has slashed fuel demand in China and threatens global economic growth, but the 23-nation coalition has so far appeared divided over its response, with Saudi Arabia pressing for production cuts and Russia taking a more cautious stance.

“There is a renewed commitment” in the alliance “to build the consensus for a joint action in mitigating the current hyper volatility in the market,” Secretary-General Mohammad Barkindo said in an interview from Saudi Arabia, where he has interrupted a religious pilgrimage in Mecca to help co-ordinate the Organization of Petroleum Exporting Countries’ upcoming meeting.

The group intends to proceed with talks scheduled for March 5-6, and has distributed health guidelines to staff at its Vienna secretariat as well as national delegations with advice on preventing infections.