The Organisation of Petroleum Exporting Countries (OPEC) has not yet come to a decision about a potential modification or extension of its existing production cuts, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman told Bloomberg.
The coronavirus outbreak has eaten away at oil prices, sending Brent crude as low as $53 per barrel.
OPEC and its allies (OPEC+) are set to meet on 5 and 6 March to discuss the cuts, and Prince Abdulaziz said he was confident that the group would come to an agreement.
“We are communicating with each other at every opportunity,” he said. “The OPEC secretary-general is attending this conference, and we just had a chat. We did not run out of ideas.”
Russian Energy Minister Alexander Novak in early February said that he needed more time before coming to a decision.
Bloomberg reported that OPEC Secretary-General Mohammad Barkindo said the world's thirst for energy would continue to grow in spite of coronavirus.