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An OPEC source told S&P Global Platts late Monday that the Organization of Petroleum Exporting Countries (OPEC) is reportedly considering extending the ongoing production cuts or even deepening them to stem the excessive oil price declines due to the China coronavirus outbreak, as cited by oilprice.com.

The ministers of the OPEC+ coalition are in discussion to closely watch the market and get ready “to do anything if there is a need for it, the source said.

Meanwhile, Saudi Arabian Oil Minister Prince Abdulaziz bin Salman said: “The Kingdom of Saudi Arabia and other OPEC+ producers have the capability and flexibility needed to respond to any developments, by taking the necessary actions to support oil market stability, if the situation so requires.”

Both crude benchmarks trade in the red amid broad risk aversion, as the China coronavirus death toll rises. WTI drops 0.50% to trades near $52.85, at the press time.