OPEC+ to hold technical meeting Tues, Wed to assess virus impact: sources

London — OPEC + will hold a technical meeting on Tuesday and Wednesday to discuss the impact of the deadly coronavirus on oil demand, OPEC sources told S&P Global Platts on Sunday, as oil prices fall due to the outbreak.

The meeting of the Joint Technical Committee of the 23-member OPEC/non OPEC coalition known as OPEC+ in Vienna will determine whether the full ministerial meeting scheduled for March 5-6 should be moved forward, three OPEC sources said.

No specific production cuts have been discussed, just talks over whether to move up the ministerial meeting, one source said.

OPEC+ members are in the midst of cutting 1.7 million b/d, up from 1.2 million last year, as part of a deal reached in December. The new deal is supposed to last until the end of March.

Some members are "already panicking," an OPEC source said.

Oil plunge

The deadly virus has led to a crude price rout in January, with Brent falling by almost 12% while WTI plummeted almost 16%.

The JTC is co-chaired by delegates from Saudi and non-OPEC Russia. It is typically tasked with reviewing compliance with the coalition's production quotas and analyzing market conditions.

Russian energy minister Alexander Novak had said Friday that Russia was prepared to bring forward the March OPEC+ meeting to February and stood ready to react, if needed, to stabilize falling oil prices.

Several airlines have canceled flights to and from China, where at least 300 people have died from the virus, and over 14,300 individuals were infected. The virus has also spread to at least 23 countries including the US and Canada.