Sources in "OPEC +" said that the group of countries will meet today, Monday, to discuss expectations of weak demand, in light of the high incidence of Coronavirus and the increase in Libyan production, but it is unlikely to recommend immediate action.

A joint ministerial monitoring committee, which includes the two major producers, Saudi Arabia and Russia, is scheduled to meet today.

OPEC + countries have reduced their production since January 2017 in an effort to balance the market, support prices and reduce stocks.