Saudi Arabia wary of costly slow response as virus knocks oil: sources - Reuters:
Saudi Arabia wants global oil producers to agree a quick oil supply cut as China’s coronavirus knocks demand, aware that delays in the past led to costly price collapses, sources familiar with the kingdom’s thinking have told Reuters.
Riyadh has been working to convince OPEC producers and allies led by Russia, a group known as OPEC+, that they need to act sooner rather than later.
It sees a potentially bigger impact on oil demand this time than the 2002-03 Severe Acute Respiratory Syndrome (SARS) epidemic due to China’s now far larger role in the global economy, the sources said.
Oil prices have fallen by more than $11 a barrel this year to $54, alarming producers, as the coronavirus, which has killed more than 1,000 in China, spreads.
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