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OPEC, Russia discuss oil production cut amid spread of coronavirus

Source : 112 Ukraine

Saudi Arabia requires a decline in oil output by all OPEC countries of up to 500,000 barrels a day
08:05, 4 February 2020

Bloomberg

The Organization of Petroleum Exporting Countries (OPEC) and Russia have held preliminary discussions about expanding their production cuts, CNBC reports.

Fall in oil prices was caused by the spread of a new type of coronavirus (2019-nCoV). That is why transportation in major Chinese cities has been shut down, and Chinese flights have been grounded.

According to the reports, OPEC might cut another 500,000 barrels on top of the current 1,8 million, but virus concerns reversed early gains.

Related: Death toll from coronavirus in China increases to 304

Foreigners who are infected with the deadly coronavirus are going to be deported from Russia. This is foreseen in the national plan on prevention of introduction and spread of the infection, RIA Novosti informed.

Prime Minister of the Russian Federation Mikhail Mishustin stated that the situation was under control and there were all the medicines needed in order to fight the disease.

"There is already a limited movement of citizens from China across our border. Patients with a dangerous virus were isolated, doctors provide them with all the help they need," Russia's PM noted.

Related: How bad will the coronavirus outbreak get? Here are 6 key factors

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