Russia's Novak: Global oil output cuts could be adjusted over the course of the year

The global oil demand may decline by 8 million barrels per day in 2020 due to the coronavirus outbreak, Russia's Energy Minister Alexander Novak said on Wednesday, per Reuters.

"Global oil output cuts could be adjusted over the course of the year," Novak added. "The current global oil deal is in the interest of Russia."

Market reaction

Crude oil prices edged slightly higher on these remarks and the barrel of West Texas Intermediate was last seen trading at $19.85, erasing 3.95% on a daily basis.