Crude prices have seen their biggest weekly slump since July. Image Credit: File Image / Pixabay
Oil producer group the Organization of the Petroleum Exporting Countries (Opec) is considering deepening its production cuts in response to the crude price slump driven by the coronavirus outbreak in Asia, according to price reporting agency S&P Global Platts.
"There is right now discussion among the ministers of OPEC+ of watching the market closely and preparing to do anything if there is a need for it," the agency cited an Opec source as saying Monday.
Brent crude futures sank by $4.16/bl last week, the sharpest weekly decline since July 2019, and have continued to slip this week on concerns that the virus outbreak in Asia may cut demand.