Opec discusses coronavirus as Chinese oil demand slumps – business live

Opec discusses coronavirus as Chinese oil demand slumps – business live

Oil cartel and its allies including Russia meet in Vienna after oil enters bear market. World stock markets are up for a second day, as fears over China's coronavirus epidemic faded somewhat and measures by the country's central bank helped calm nerves.. Any cuts to supply would only be announced at a meeting of energy ministers, according to Iraq's oil ministry spokesman Assem Jihad.. Members of the Opec oil cartel and their ally Russia are discussing a further cut to crude oil output at their meeting in Vienna due to China's coronavirus epidemic, according to Iraq's oil ministry.. Crude prices have tumbled since the deadly outbreak in China, the world's biggest importer of oil.. The 13-member Opec cartel regularly meets with non-members led by Russia over how to influence oil prices, in a group called Opec+.. US stock index futures are pointing to a higher open on Wall Street, with the Dow Jones and S&P 500 expected to open 1.3% higher and the Nasdaq seen rising 1.5%.. The Shanghai composite rose 1.3% while the blue-chip CSI 300 climbed 2.6% after a near-8% slide yesterday when markets reopened after the extended lunar new year break.. Bloomberg has drawn up this