The organization of petroleum exporting countries OPEC may impose new production curbs to compensate for the falling demand for oil in the light of the outbreak of the Coronavirus disease in China.
The price of oil has fallen by more than 17 per cent since it hit $70 a barrel in January following the killing of an Iranian General by the US.
Brent crude fell to below $68 on Monday when the effect of the virus hit equities and commodities markets around the world.
The cartel is said to be holding talks with members and its partners including Russia to test the popularity of the proposal.
Any fresh curbs on members quota will hit hard countries like Nigeria which depend heavily on crude oil export revenues to fund their budgets.
