OREANDA-NEWS. The Russian Ministry of Energy is closely monitoring the impact of coronavirus on world energy markets, but it is impossible to accurately assess the effect of a coronavirus outbreak. Therefore, Russia is carefully studying the recommendation of the OPEC+ technical committee to further reduce production to determine a balanced approach, Russian Energy Minister Alexander Novak told reporters.

“Russia is closely monitoring the impact of the spread of coronavirus on world energy markets. The situation remains extremely uncertain. At the same time, Russia notes the importance and relevance of the work done by the OPEC+ technical committee to better assess the situation and make decisions necessary to ensure market stability. Now Russia is carefully studying the recommendation of the technical committee in order to assess the situation and determine a balanced approach based on the interest of the market as a whole", he said.

The OPEC + Technical Committee recommended extending the deal until the end of 2020 and further reducing oil production by 600 thousand barrels per day in the second quarter.

Earlier, Moody`s published a report from which it followed that the demand for oil in China, the largest consumer of this resource, could be reduced by 10% or 1.4 million barrels per day. If the epidemic lasts for six months, then the increase in oil inventories will put pressure on oil quotes for another year.