Opec on track for 5-6 March meeting despite coronavirus
The Opec+ group will meet in Vienna this week as planned, despite growing concerns over coronavirus, Opec sources told Argus.
The rapid spread of the virus has led to conferences around the world being postponed or cancelled, including the annual CeraWeek energy conference in Houston later this month. But the Opec+ meetings are on track to take place on 5-6 March as scheduled. "So far, there is no change to the scheduled meetings this week," an Opec source said.
Members from some delegations are already on route — although there is a possibility that some may have to participate virtually as a result of virus-related travel constraints.
The decisions made at the Opec+ meetings will be closely watched, as the effects of the coronavirus outbreak on global oil demand continue to weigh on oil prices. Benchmark crude prices have dropped by 20-25pc since 20 January.
The Joint Technical Committee (JTC) that advises Opec+ recommended last month that the group cut a further 600,000 b/d from their combined output in the second quarter.
The gathering will draw ministers, government officials and delegates from across the world, along with analysts and journalists covering the meeting. The World Health Organisation has raised its risk assessment for coronavirus to "very high at a global level".
As of 1 March, Austria had 14 confirmed coronavirus cases, eight of which were located in Vienna. There have been more than 85,000 cases documented globally and 2,900 fatalities, most of them in China.
By Iain Packham
source: Argus Media
Top News
Six last month
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Gold price faces worst week since 2021 as Fed signals no rate-cut rush
Gold loses some luster after Trump’s decisive win
Iron ore price flirts with key $100/t level on firm demand, China stimulus hopes
Hedge funds slash bullish wagers on gold over Trump election win
Resolute Mining says it will pay Mali $160 million in tax dispute
Families gather at South African mine shaft where hundreds are feared stuck underground
Higher silver supply to reduce global deficit by 4% in 2024
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
BHP to spend up to $14 billion on Chilean copper expansion
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
China’s germanium, gallium ban could cost the US $3.4 billion
South Africa police standoff with illegal gold miners escalates
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Iran Alloy Steel Company intends to purchase 12 tons of ferrotungsten through public tender
Iran Alloy Steel Company intends to purchase 150 tons of Low-Carbon Ferro Manganese through public tender
Sierra Leone woos miners to clean energy with $11 billion plan
Alrosa plans production cuts and staff reduction for 2025
Chile’s rare salt flat fish face threat from lithium mining project
Endeavour Silver raises $73m for Pitarrilla project
Chile’s rare salt flat fish faces threat from lithium mining project
British Columbia creates new mining ministry to tackle critical minerals amid doubts over capacity
Newmont sells Ontario gold mine to Orla for $850 million
