OPEC is planning to extend current oil production cuts until June, OPEC sources say, as worries spread about the impact of the coronavirus outbreak on China demand. OPEC could also deepen its existing cuts, according to an OPEC source.
Since news of the outbreak spread, oil prices have fallen even as Saudi Energy Minister Prince Abdulaziz tried to calm the market, likening the outbreak to the 2003 SARS epidemic.
Oil prices rose to $59 per barrel of Brent crude on the news that OPEC could extend cuts.
