The Organization of Oil Exporting Countries (OPEC) official statement confirms that the oil cartel could further slash the production if demand in China takes a large hit due to the epidemic threat of the coronavirus.
- The consortium had already urged caution to the market and mentioned that the market is overly pessimistic over the impact of the coronavirus on the oil demand.
- OPEC+ members are already running a production cut of 1.7 million barrels per day, and are further expected to deepen the cut, at least from March 2020 to June 2020.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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