5 March

The world's major oil-producing countries are considering cuts to production as the spread of the coronavirus weighs on demand.

International crude prices have plunged more than 20 percent since the start of the year amid a slowdown in economic activity from the outbreak.

Members of the Organization of the Petroleum Exporting Countries and some non-members including Russia will meet in Vienna on Thursday.

The major oil producers have been reducing output to elevate prices for the past three years.

Currently, they cut a combined 1.7 million barrels per day, or 1.7 percent of global daily demand.

The meeting will likely address reducing production even further.

But it's unclear if doing so will help support prices.

NHK