OPEC and its allies are slated to deepen their output cuts further as they gather in Vienna this week to tackle an alarming slide in oil prices and stave off reverberations of the coronavirus that has disrupted global trade and undercut demand for crude.

The rapid spread of the coronavirus led to a sell off across stock markets, wiping out nearly $7 trillion (Dh25.7tn) globally in the past week, the worst decline since the 2008 financial crisis. As factories in China, the world's largest importer of oil, came to a standstill, oil markets plunged. G7 finance ministers will hold a teleconference on Tuesday to coordinate their response to the outbreak, which may see an injection of liquidity by central banks and cut of interest rates to stabilise markets.

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