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Further spread of coronavirus can influence oil demand forecasts, minister says

The OPEC+ technical committee recommended earlier to increase oil production cuts

MOSCOW, February 27. /TASS/. Further spread of the new type coronavirus can entail a revision of global oil consumption forecasts, Russian Energy Minister Alexander Novak told reporters on Thursday.

"Coronavirus situation developments should be considered. As you see, cases are already present in Europe. These forecasts will definitely correlate," the minister said.

The OPEC+ technical committee recommended earlier to increase oil production cuts for the second quarter by 600,000 barrels per day, and generally extend the current cuts until the end of 2020 at its meeting. Russia has not yet supported the proposal, requesting time for internal consultations. The meeting of OPEC and OPEC+ is scheduled for March 5-6.