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OPEC defies coronavirus scare to hold crucial meeting

Oil ministers from the Organisation of Petroleum Exporting Countries (OPEC) on Wednesday defied the global scare of the deadly coronavirus to hold its crucial meeting in Vienna, Austria.

Since the breakout of the deadly disease, several groups and organisations have decided to either cancel or postpone their scheduled meetings till further notice.

For instance, the International Monetary Fund (IMF) and the World Bank on Tuesday announced the adjustment of their schedule for the annual Spring meetings billed for Washington DC from April 13.

Rather than the usual physical meetings attended by finance ministers of countries around the world, along with other leaders, civil society groups and journalists, the organisers opted for ‘virtual meetings format,’ following the ravaging spread of the deadly virus in the U.S.

Regardless, the 15-members OPEC defied the threat of the ravaging scourge to go ahead with their scheduled 178th (Extraordinary) Meeting of the OPEC Conference on Friday, March 6.

The inter-ministerial meeting of OPEC and non-OPEC Ministers is also slated for Sunday to take a decision to salvage the plunging global crude oil price.

Despite previous decisions to intervene by a commitment to cut about 2.1 million barrels per day of their combined production, crude oil prices have declined by over 20 per cent this year.

Minister of State for Petroleum, Timipre Sylva, is leading the Nigerian delegation to the crucial meeting where members are poised to take further decisions to cut their production and stabilise the plummeting market.

The Nigerian government has announced plans to review its 2020 budget,

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