OREANDA-NEWS. The countries of the OPEC+ agreement can negotiate production levels in 2020 earlier - in February, and not in March, as originally planned. Due to the threat of the spread of coronavirus from China, ministers may need to discuss measures to stabilize the oil market as soon as possible, Algeria Press Service reports citing the chairman of the OPEC conference, Minister of Energy Algeria Mohammed Arkaba.

A postponement of the meeting may be required in order to “evaluate the measures necessary to ensure a balance in the oil market, against the backdrop of fears caused by the spread of coronavirus,” the agency said in a note. However, direct quotations from the minister are not given. In 2020, Algeria presides over OPEC.

Analysts previously predicted a decrease in oil demand if the spread of coronavirus, the vaccine for which has not yet been found, is large-scale. Already, many airlines are canceling flights to China, and tourists are recalling paid trips. The threat of stopping a number of industries in China was reported.

Secretary General of OPEC Mohammed Barkindo told the Russian media on the sidelines of the Davos forum that coronavirus could have an impact on global oil consumption if WHO declares an emergency. Later, WHO recognized the outbreak as a national emergency for the PRC and sent specialists to the country.