OPEC+ Weighs Emergency Response as Oil Slumps on Virus Panic

OPEC and its allies considered how to respond to a plunge in oil prices, with Russia signaling for the first time it was open to Saudi Arabia’s push for an emergency meeting.

Potential dates being discussed are Feb. 8-9 and Feb. 14-15, though for now the next regular meeting on March 5-6 remains on the schedule, a delegate said.

For days, the kingdom has been pressing to bring forward a meeting of the coalition, as the threat to demand from Asia’s coronavirus pushes prices to a six-month low. Russia has been rebuffing the requests and even on Friday said more time was needed to assess the situation, yet added it was willing to convene and even act if needed. OPEC is holding a meeting of technical representatives — the Joint Technical Committee — on Tuesday and Wednesday to assess the coronavirus’ effect on markets, according to delegates.