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OPEC Plus ministers not planning early meeting over corona-virus according to Azerbaijan’s Energy Minister Shahbazov

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Azerbaijan’s Energy Minister Parviz Shahbazov expects that no early ministerial meeting in the OPEC plus format will be held because of corona-virus outbreak.

“Obviously, no early ministerial meeting in the OPEC plus format will be held,” the minister told reporters on Sunday.

The countries will continue consultations on corona-virus in the OPEC plus format, he noted. “There were proposals on rescheduling the March meeting for the middle or the end of February. However, the situation was analyzed and the meeting will be held in March as planned,” the minister said.

According to CME Open Interest data the maximum Open Interest for Crude is situated at the nearest levels of 50$/B The recent actions from OPEC to cut the OIL production by 600 bpd. The Ongoing actions by OPEC to stabilize OIL is in progress.

The Global Markets seen bearish reflection from the outbreak of Corona-virus.Specifically Indian markets as well showing weakness and unable to sustain highs after the recent release of Budget

Further,The energy minister noted that corona-virus has really affected oil prices, which have dropped more than 10% percent, but the situation was stabilizing.

“The situation in terms of oil prices recovery is changing. That’s why we expect that we will meet and discuss the issue in early March,” the minister said.

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