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Oil demand unaffected by coronavirus

Oil demand unaffected by coronavirus

The Russian authorities are trying to avoid panic about the coronavirus outbreak. They have even found some advantages, including changes in oil prices.Alexander Novak, Russia’s Minister of Energy, supposes that the coronavirus spread can hardly reduce demand for oil by more than 150-200 thousand barrels a day. According to the analytical data, the prediction can come true in 2020. Alexander Novak also noted that such a decline in oil demand was an average annual reduction that would not lead to any problems.Russia’s Minister of Energy believes that oil prices are shaped by various unexpected events, including conflicts in such countries as Libya, Iran, and Venezuela. He also emphasized that the oil market was highly volatile.Alexander Novak said that the oil market participants expected Libya to resume its oil shipments. He also reminded that Libya's oil outages had a significant impact on the market, including the imbalance between supply and demand. Russia’s Minister of Energy added that China was showing no signs of falling demand for the Russian oil and gas.  Moreover, all deliveries are performed in accordance with the companies' plans. The Russian authorities are looking forward to further cooperation in this area.    

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