The outbreak of the new coronavirus has seriously affected oil prices, President of the OPEC Conference Mohamed Arkab said on Tuesday.
"The outbreak of the coronavirus in the last two months has seriously affected oil prices. The oil price sank to around 50 dollars per barrel, while at the beginning of the year it was over 65 dollars," Arkab told Algerie Press Service, TASS reports.
"Many factories, especially in the automobile sector, were forced to suspend production, which led to consequences for the whole production chain in China, the largest oil consumer in the world, and in neighboring countries," he explained.
"Outside of China, the outbreak significantly affects the transport sector, which leads to decreasing demand for crude oil and oil products," Akrab added. "Therefore, the countries that signed the Declaration of Cooperation — both OPEC members and non-OPEC states — should play an important role in restoring stability and balance on the international oil market," he noted.