OPEC to stabilize oil market despite coronavirus outbreak

Organization of Petroleum Exporting Countries (OPEC) has disclosed plan to help stabilize the oil market, despite the outbreak of coronavirus.

African Energy Chamber disclosed this during a discussion on Wednesday March 4th, 2020.

“As oil prices sank about 14 percent last week alone and the Brent hit a twelve-month low on the back of the coronavirus outbreak, the OPEC has slated a meeting to hold in Vienna this week to help stabilize the market,” Executive Chairman of the African Energy Chamber, Nj Ayuk, said.

“A bold and substantial production cut by OPEC and OPEC member countries will help alleviate oil market fears and bring stability.

“OPEC has a track record of making market-driven deals that stand to benefits Wall Street and Main Street.

“Africa will be closely watching what happens in Vienna this week, especially after its first cases were declared in Senegal and Nigeria,” Added Ayuk

The near-term outlook for global financial and energy markets remains grim, and the forecast for the remaining of the year is deteriorating and is not looking any better.

Analysts notably point to the crude oil’s forward curve flattening in recent days, signaling oil traders’ lack of appetite for holding or selling stocks.