Opec poised to slash oil output as coronavirus cuts demand

Cartel warn of deepest quota cuts since financial crisis but experts warn reduction may be 'too little, too late'

Opec is on the verge of making its deepest oil production cuts since the global financial crisis amid warnings that the coronavirus may wipe out the world's oil demand growth this year.

The world's largest oil-producing nations plan to avert an oil market crash by cutting millions of barrels from their daily production, but traders fear the economic impact of Covid-19 could still drive global market prices to multi-year lows.

Related: IMF: coronavirus means 2020 growth will be lower than 2019