OPEC+ Weighs Emergency Response as Oil Slumps on Virus Panic

OPEC+ Weighs Emergency Response as Oil Slumps on Virus Panic

OPEC and its allies considered how to respond to a plunge in oil prices, with Russia signaling for the first time it was open to Saudi Arabia's push for an emergency meeting.. For days, the kingdom has been pressing to bring forward a meeting of the coalition, as the threat to demand from Asia's coronavirus pushes prices to a six-month low.. Russia has been rebuffing the requests and even on Friday said more time was needed to assess the situation added it was willing to convene and even act if needed.. If the Organization of Petroleum Exporting Countries and its allies were to agree on an early meeting, history suggests it may result in further action to defend prices.. A resolution there could restart the flow of about 1 million barrels a day onto world markets, sending prices even lower..