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Saudi Arabia is weighing a break-up of the oil production alliance with Russia amid disagreements over the coronavirus outbreak’s potential impact on the global oil demand, The Wall Street Journal (WSJ) reported on Monday, citing people familiar with the matter.

“Saudi Arabia, Kuwait and the UAE are holding talks this week to discuss a possible collective output cut of as much as 300,000 barrels a day,” wrote the WSJ’s Summer Said and Benoit Faucon.

Crude oil reaction

The barrel of West Texas Intermediate (WTI) largely ignored this headline and was last seen trading at $53.05, losing 1.15% on a daily basis.