• Loading stock data...
PublicWire | Emerging Market Stock News
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
  •  Home
  • Technology
  • Medical
  • Energy
  • Cannabis
  • Finance
  • Retail
  • General
  • Podcast
  • Videos
  • Services
No Result
View All Result
PublicWire
No Result
View All Result

Home » Energy » OPEC+ plans to move scheduled meeting as oil plunges into bear market territory over nCoV outbreak

OPEC+ plans to move scheduled meeting as oil plunges into bear market territory over nCoV outbreak

Enzo Mayor by Enzo Mayor
February 1, 2020
in Energy
2 min read
33
0
OPEC+ might move scheduled meeting to an earlier date as nCoV outbreak pushed oil to plunged to bear market territory.

OPEC+ might move scheduled meeting to an earlier date as nCoV outbreak pushed oil to plunged to bear market territory. Photo by Zbynek Burival on Unsplash

Global panic over the spread of the novel coronavirus outbreak in China has thrust the oil markets towards the bear market territory, amid its optimistic performance in early January. Oil hit highs early this month after Washington and Beijing have drawn the first phase of their trade deal, temporarily easing tensions between the two economic superpowers.

However, the new market enemy has emerged after the novel coronavirus has created market uncertainty as it heralded a global emergency announcement from the World Health Organization (W.H.O.).

Oil markets dropped 21.4% from early January high as the tension between Iran and the United States intensified, and analysts are looking at the outbreak as another force that will pressure the global oil market into a significant low. West Texas Intermediate was at $51.59 per barrel Friday, after trading as high as $65.65 in early January.

“This is a worst-case scenario for them—a hit to demand in China,” said John Kilduff, partner with Again Capital.

As a response, the Organization of Petroleum Exporting Countries (OPEC) and their allies, including Russia, are planning to push their scheduled meeting from March to an earlier timetable. Kilduff added that whenever the preponement would push through, the organization its allies will impose further cuts as justified by the crisis and on emergency-basis.

On Friday, Russian Energy Minister Alexander Novak confirmed that the group is planning to move their meeting forward, but they still need a little more time to observe the situation and determine their next move.

“If you’re going to meet early, then you had to do something,” said Helima Croft, head of global commodities research at R.B.C. “I don’t think you would call an early meeting just to roll it over.”

Some speculate that the meeting will be moved to as early as the next coming week.

Enzo Mayor

Enzo Mayor

I'm a management degree holder, currently working for a family business. I find myself always indulging on new interests -- from fitness, coffee, writing, travel, and marketing. But by the end of the day, I'm just a guy in a perpetual pursuit to find his balance.

Related Posts

ComEd preps response to restore power outages caused by storm and strong winds
Energy

ComEd preps response to restore power outages caused by storm and strong winds

June 10, 2020
133
President Donald Trump inspired a rise in oil futures after he said a deal between Saudi Arabia and Russia is underway.
Energy

Oil slightly recovers after Trump said a deal between Saudi Arabia and Russia might be reached in a ‘few days’

April 2, 2020
150
Oil refineries and storage facilities are about to reach their maximum capacity as the pandemic continues to shock demand.
Energy

Oil prices are approaching ‘negative territory’ as production increases after OPEC+ cuts expire

April 1, 2020
118
Senator Ted Cruz said that he and other GOP senators ecently ripped into the Saudi ambassador against weaponizing oil prices.
Energy

Ted Cruz: GOP senators warned Saudi Arabia against using oil as ‘economic warfare’ against Americans

March 30, 2020
151
The U.S. solar market installed 13.3 gigawatts (GW) of capacity in 2019, new report reveals.
Energy

US solar installations are expected to grow 47% in 2020 but coronavirus crisis might have an impact moving forward

March 17, 2020
115
Monday has seen a rise on oil prices, the first after six sessions of losses triggered by the coronavirus outbreak
Energy

Oil recovers after six sessions of losses as OPEC+ mulls to impose further cuts

March 3, 2020
127
Currently Playing

Subscribe To Our Newsletter

Ad

PublicWire | Emerging Market Stock News 24/7 | Investor Relations US Stock Market

© Copyright 2020 PublicWire.com

Navigate Site

  • About
  • #96576 (no title)
  • Disclaimer
  • Watch LIVE
  • Privacy Policy
  • Terms and Services
  • Contributors

Follow Us

No Result
View All Result
  • LIVE Investor News Channel
  • Cannabis
  • Energy
  • Finance
  • General
  • Medical
  • Podcasts
  • Retail
  • Technology
  • #370 (no title)

© Copyright 2020 PublicWire.com

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Public Wire Logo

Hello please subscribe to our newsletter to get up to date news weekly!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.