Oil-Producers Lose $10Bln Due to Falling Prices Over Coronavirus Outbreak - IMF Managing Director

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.

"Crude oil prices have already tumbled by more than 15 per cent since the beginning of the year. That translates to some $10 billion in lost revenues," Georgieva told reporters on Wednesday.

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.