Russia's Novak says global energy players should jointly tackle demand crisis

FILE PHOTO: Russian Energy Minister Alexander Novak attends the Energy Week International Forum in Moscow, Russia October 3, 2019. REUTERS/Evgenia Novozhenina/File Photo

MOSCOW (Reuters) - Russian Energy Minister Alexander Novak on Sunday urged all global energy market players to combine efforts in order to combat the fallout from the spread of coronavirus, which has dampened fuel demand.

Speaking at an online conference of energy ministries from G20 countries, Novak also said global oil demand was seen falling by up to 10% this year due to the crisis, which has prompted companies to slash investment in production by 25-30%.

He also praised the efforts to stabilise oil market by the Organization of the Petroleum Exporting Countries and other large oil producers, led by Russia, a group known as OPEC+.

“Our task, as the leaders of the energy industry, is to show stamina and solidarity in the face of the challenges like that,” Novak said in comments about the damages inflicted by the spread of coronavirus.

Reporting by Olesya Astakhova and Elena Fabrichnaya; writing by Vladimir Soldatkin; editing by David Evans