Tuesday, March 19, 2024 | Ramadan 8, 1445 H
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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Opec ministers gather in Vienna as coronavirus hits demand

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VIENNA: Opec ministers are beginning to arrive to Vienna on Tuesday as the group debates whether to further reduce oil production to tackle deteriorating demand from the global spread of the new coronavirus.


The Organization of the Petroleum Exporting Countries and allies led by Russia agreed in December a collective cut of 1.7 million barrels per day (bpd) to their supply until the end of this month.


Related Coverage Saudi Arabia has been voluntarily cutting an additional 400,000 bpd, meaning Opec+ is effectively curbing production by 2.1 million bpd.


But since then, the global outbreak of the coronavirus, which first emerged in China, has weighed on global oil demand as industrial activity slowed, while global air traffic has taken a big hit.


The International Energy Agency (IEA) said global oil demand growth has fallen by 435,000 bpd in the first quarter to its lowest level in a decade, and said that this forecast may be revised even further. — Reuters


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