OPEC has cut its forecast for oil demand growth this year, citing China's coronavirus outbreak as the 'major factor' behind its decision.
"Evidently, the timing of the outbreak exacerbated the impact on transportation fuel demand in China, as it coincided with the Chinese Lunar New Year holidays, as millions of Chinese return home to celebrate with family members and friends, or travel abroad," OPEC said.that a total of 44,653 cases had been confirmed in the country, with 1,113 deaths.
The outbreak, which has infected people in over two dozen countries, was described as a "very grave threat" to the world by the director-general of the World Health Organization on Tuesday.with non-OPEC partners earlier this month in order to cut oil production to offset the impact of the coronavirus.
A committee advising the producers reportedly recommended a 600,000 bpd reduction in oil production to bring relief to the energy market. However, Russia is still considering whether to sign up to the additional cuts, almost one week after the recommendation. OPEC's regular meeting is set for March 5. An earlier meeting than scheduled is still possible, but there has been no announcement.
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