WASHINGTON (Sputnik) – Oil producers have so far lost $10 billion in revenues as a result of the declining prices of crude oil due to the novel coronavirus outbreak, International Monetary Fund Managing Director Kristalina Georgieva said during a press briefing.
The world’s major oil producers have also been hit because of the decline in demand, she said.
Georgieva noted that most oil-producing countries have created “buffers” to deal with such situations, adding “this is a good time to use those buffers.”
Besides falling oil prices, global stock prices have also been experienced a decline over coronavirus concerns. The day before, US stocks fell by more than 700 points despite the fact that the Federal Reserve cut US interest rates by half a point to reduce threats to the US economy.
Sourse: sputniknews.com
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