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OPEC president Mohamed Arkab said on Monday he expects an outbreak of coronavirus in China to have little impact on the global oil market for now, but added that producers were ready to react to any new developments.

“The impact on the prospects for the world oil demand would be low,” Arkab, who is also Algeria’s energy minister, said in a statement carried on the country’s state news agency APS.

“The organization (OPEC) is closely monitoring the development of the oil market in conjunction with the development of the recent coronavirus epidemic.”