Oil-producers lose $10Bln due to falling prices over #coronavirus outbreak - IMF managing director

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.