OPEC Considers Deeper Oil Cuts Amid Virus Market Meltdown

As leading OPEC producers downplayed fears of crippled demand growth in an attempt to calm the oil market on Monday, the cartel is said to be considering extending the ongoing production cuts or even deepening them to stave off excessive price slides due to the coronavirus outbreak in China, an OPEC source told S&P Global Platts. According to S&P Global Platts’ source in OPEC, the ministers of the OPEC+ coalition are in discussion to closely watch the market and get ready “to do anything if there is a need for it.”  …