Opec+ talks failure highlights virus uncertainty
Uncertainties over the economic fallout of the coronavirus epidemic a harbinger of more short-term volatility
A freak pneumonia-causing coronavirus spreading out of China, Covid-19, has triggered record weekly declines in world markets and slashed global crude demand—but its impact is so difficult to gauge accurately that world powers are struggling to agree on the best policy tools to deal with the crisis. This appears to be the immediate takeaway from the meeting between Opec and Russia in Vienna on Friday, where producers failed to negotiate a new output cut in order to shore up declining oil prices. It is not just policymakers who do not see eye-to-eye with each other. Analysts also differ widely in their economic and energy projections. Investment bank Goldman Sachs, for example, sees Brent
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
