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2/27, 12:08 PM (Source: TeleTrader)
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Coronavirus may drag oil demand down - Russia's Novak

Russian Energy Minister Alexander Novak (pictured) claimed on Thursday that the global oil demand expectations for 2020 may be lowered further due to coronavirus outbreak that killed more than 2,800 people worldwide.

"We need to see how the situation with coronavirus develops. As you can see, there are already cases in Europe. Surely these forecasts will correlate," Novak stressed, referring to the forecast that saw the demand going down by additional 150,000-200,000 barrels per day this year.

Investors still await the decision by the Organization of Petroleum Exporting Countries (OPEC) and allied producers led by Russia on further oil output cuts. However, the Russian minister asserted last week that discussion on the issue is still on, adding that the situation in oil markets raises concerns.

Breaking the News / GA