Saudi Arabia opens talks on possible February OPEC+ meeting after oil price slide

Saudi Arabia has opened talks with OPEC and allied oil producers about moving their upcoming OPEC+ policy meeting to early February from March, four OPEC+ sources said, after a swift slide in oil prices alarmed Riyadh, Report informs citing foreign media.

Worries over the economic impact of China’s coronavirus have rattled global markets, helping send the price of crude down to around $58 a barrel from above $65 a barrel on Jan. 20.

No final decision over the new date of the meeting has been made, and not all OPEC members are on board yet, with Iran a possible contender to oppose the move, the sources said.

OPEC+, which includes Russia, has been reducing oil supply to support prices, agreeing in December to hold back 1.7 million barrels per day (bpd) of output until the end of March.

OPEC wants to extend current oil output cuts until at least June from March, with the possibility of deeper reductions on the table if oil demand in China is significantly impacted by the spread of the coronavirus, OPEC sources told Reuters on Tuesday.