Coronavirus: Arabia oversees oil market

Due to the "gloomy expectations" arising from the possible impact of coronavirus on the world's Chinese economy, the energy minister Saudi Arabia, Prince Abdulaziz bin Salman, said on Monday, that the country is closely monitoring global oil markets.

Abdulaziz also said that if OPEC is needed (Organization of Petroleum Exporting Countries) and its allies may respond to impact on market stability. However, he said that confident by understanding that China and the international community will be able to contain the virus outbreak.

For the minister, the impact has been "guided mainly psychological factors and extremely negative expectations adopted by some market participants despite the very limited impact on the global demand for oil", even compared to the SARS epidemic, which occurred in 2003 and did not cause a significant reduction in demand for Oil.

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