Opec and its allies are preparing emergency cuts in oil production after the crude price entered a bear market, driven lower by the impact of the coronavirus outbreak on demand in China.
Brent crude, the international benchmark, fell on Monday to as low as $54.27 a barrel, down more than 3 per cent to its weakest level in more than a year and taking losses to more than 20 per cent since early January — the definition of a bear market.
The so-called Opec+ group, which includes the core members of the oil producers’ cartel and allies like Russia, is considering its response. The group fears prices will keep slipping unless it takes action to stem the fall.
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