Photo: Ryad Kramdi/AFP via Getty Images

OPEC's possible responses to the spreading coronavirus that's hurting oil demand and prices are starting to come into view.

Why it matters: Besides killing more than 360 people so far, the outbreak is severely curtailing airline and economic activity in China, the world's largest oil importer and second-largest oil consumer.

  • Brent crude prices have tumbled by roughly $10 per barrel in the last two weeks. It's currently trading in the low-$56 range.

Driving the news: Reuters reports that OPEC and allied producers could deepen their existing production-limiting pact by 500,000 barrels per day.

  • The Wall Street Journal has the same info, but also reports: "Another option being considered would involve a temporary cut of 1 million barrels a day by the Saudis to jolt oil markets."

The big picture: This new Bloomberg piece, citing people with "inside knowledge" of China's energy sector, gets to the scary and immense scale of what's happening...

  • "Chinese oil demand has dropped by about three million barrels a day, or 20% of total consumption, as the coronavirus squeezes the economy."
  • It's "probably the largest demand shock the oil market has suffered since the global financial crisis of 2008 to 2009," they report.

What's next: A technical monitoring committee for OPEC+, which is the alliance between the cartel, Russia and allied producers, is slated to meet this week, per multiple reports.

  • A higher level emergency meeting could occur later this month, several outlets report.

Go deeper: The global economic threat of the coronavirus

Go deeper

Hundreds gather to pay tribute to Justice Ruth Bader Ginsburg along Supreme Court steps

Photo: Alex Brandon/AP

At the Supreme Court steps Friday night hundreds of people gathered to pay tribute to Justice Ruth Bader Ginsburg — singing in a candlelight vigil, with some in tears.

Details: If there is a singular mood at the Supreme Court tonight, it’s some kind of a daze manifested by silence. 

A court fight for the ages

The flag flies at half-staff as people mourn on the Supreme Court steps last night. Photo: Tasos Katopodis/Getty Images

Ruth Bader Ginsburg — feminist icon, legal giant, toast of pop culture — left this statement with granddaughter Clara Spera as cancer closed in: "My most fervent wish is that I will not be replaced until a new president is installed."

The big picture: For all that the nation owes "Notorious RBG" — the hip-hop-inspired nickname she enjoyed and embraced — Republicans are planning to do their best to be sure her robe is quickly filled, despite that last wish, with her ideological polar opposite.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8:15 a.m. ET: 30,539,903 — Total deaths: 952,629— Total recoveries: 20,800,482Map.
  2. U.S.: Total confirmed cases as of 8:15 a.m. ET: 6,726,353 — Total deaths: 198,603 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: The dwindling chances of eliminating COVID-19 — Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.