Oil prices took a tumble Monday (February 3).
International benchmark Brent Crude was down about 1.5% by early afternoon.
And it's the coronavirus to blame.
In China, the world's biggest crude importer, refiner Sinopec has told its facilities to cut output by about 600,000 barrels per day.
The 12% cut is the steepest in more than a decade.
It comes as the virus cools economic activity in China.
Now OPEC too may take action.
Reuters sources say the oil producers' group could cut production.
Maybe by half a million barrels per day.
The sources say OPEC could hold a meeting in mid February, ahead of a planned March get together.
On Monday Iran's oil minister said efforts must be made to balance supply and demand.