On Wednesday, Algerian Energy Minister Mohamed Arkab said that the Organization of Petroleum Exporting Countries (OPEC) meeting scheduled in March could be advanced to February due to the impact of the coronavirus to the global oil market.
“It is very likely to advance to February the OPEC meeting, initially scheduled for the beginning of March, so that we can find the means to ensure market balance. A decision would be made in the coming days,” Arkab said, according to state news agency APS.
Arkab also said that every decision would be possible regarding the possible extension of the oil output.
OPEC and its 10 non-member oil producer coalition (OPEC+) are prompted to take quicker action due to the coronavirus spreading which causes oil prices to slump significantly.
The OPEC Secretariat is preparing a report on the effect of the virus for member countries to examine, some sources informed.
