OPEC is said to be alarmed by the coronavirus outbreak
Reuters is reporting on the matter, citing three OPEC sources, in saying that the bloc aims to extend the current oil output cuts through to June at least.
Adding that members are also discussing on deepening the cuts if oil prices or demand should fall significantly on the coronavirus outbreak.
There is little doubt that the virus will weigh on oil demand in Q1 at the very least but if it does have a prolonged impact, OPEC may have to live with lower oil prices until the world adjusts to the situation in the long-term.
I mean, if they can't even properly comply with current quotas - what more if they choose to deepen cuts further. It'd be all talk but no action.
