OPEC and non-OPEC members met on Friday to discuss the cutdown on oil production amidst slowing demand.
The global crude market has also been affected by the outbreak of the virus. It was reported that International benchmark Brent crude dipped 8% trading at $45.46 a barrel, and Brent futures also collapsed by nearly 30% which has led to crude prices falling to its 2017 lows.
In the meeting held to discuss cutdown in oil production, both the parties did not reach a mutual consensus on the matter, also Russia has refused to agree to the deepest supply cuts planned.
OPEC offered to cut down the oil production by 1.5 million barrels per day, however, this proposal would only proceed with the approval of non-OPEC members, including Russia.
Iranian Oil Minister Bijan Zanganesh has stated that as both OPEC and non-OPEC members did not reach a mutual consensus, there is no plan B for OPEC.