The Organization of the Petroleum Exporting Countries (OPEC) and its allies could reportedly cut their oil output by a further 500,000 barrels per day (bpd) due to the impact on oil demand from the deadly coronavirus.

Sources told CNBC that the cartel considers holding a ministerial meeting on February 14-15, almost a month earlier than scheduled.

“I think it is a ‘go big or go home’ moment for the organization,” said Helima Croft, global head of commodity strategy at RBC Capital Markets.

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