Saudi Arabia’s Energy Minister said on Monday the kingdom was closely monitoring developments in global oil markets resulting from “gloomy expectations” over the impact of the new coronavirus on the Chinese and global economy and oil market fundamentals.
Prince Abdulaziz bin Salman said he was confident the Chinese government and international community could contain the spread of the virus and fully eradicate it.
The minister said the impact on global oil markets was “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand.”
He said he was confident the kingdom and other OPEC + producers had the capability and flexibility to respond to any developments to maintain oil market stability if needed.
