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OPEC nerves grow as coronavirus forces China to slash oil imports

February 4, 2020

Via: Fortune

Oil climbed to near $51 a barrel in New York as officials from OPEC+ gathered on Tuesday for an urgent meeting to assess the impact of the coronavirus on global demand, and how the group should respond.

Under increasing pressure after crude prices sunk below $50 a barrel for the first time in more than a year on Monday, technical experts from the Organization of Petroleum Exporting Countries and its allies will meet at the cartel’s Vienna headquarters on Tuesday to evaluate the disease’s impact. The outcome of the discussions may determine whether the group convenes an emergency meeting to consider new output cuts later this month.

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