Crude oil prices rose on Friday after Russia said it supported other OPEC+ countries’ desire to deepen cuts in commodity production. Further cuts in production have been proposed for the first time by Saudi Arabia, as demand for crude oil declines due to the spread of the Chinese coronavirus epidemic.

The price of the international Brent variety is up by 0.23 USD, or 0.42%, to 55.16 USD per barrel. The futures on the US light crude oil WTI are up by 0.37% to 51.11 USD per barrel.

An expert panel at OPEC+ has proposed a temporary reduction in yield of 600,000 barrels per day, three sources said on Thursday.

“We support this idea”, said Sergey Lavrov, Russia’s foreign minister, when asked about a proposal for a press conference in Mexico City later in the day.

Oil prices have fallen by more than a fifth since the outbreak of the virus in Wuhan, China.

Chinese President Xi Jinping has declared a situation of “people’s war” against the epidemic after 69 new deaths were reported in the Chinese province of Hubei, where Wuhan is located, with more than 600 deaths in the country.

“The impact of the coronavirus on the oil market remains largely focused on demand in China as demand for jet fuel weakens, but the decline in raw material purchases outside China remains minimal to date”, said the RBC Capital Markets analysts.