Saudi Arabia says watching oil market closely regarding China virus

DUBAI - Saudi Arabia is closely monitoring developments in global oil markets resulting from “gloomy expectations” regarding the possible impact of the coronavirus on the Chinese and global economy, as well as on the oil market’s fundamentals, its energy minister said on Monday.

The minister said the current impact on global markets, including oil and other commodities, was “primarily driven by psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand.” While most markets are being impacted by the spread of the coronavirus, many are closed in Asia due to Lunar New Year holidays. MKTS/GLOB

Oman’s oil minister told Reuters on Monday that he fully supported Saudi Arabia’s readiness to react to any impact the new coronavirus could have on the market. Oman is a member of the OPEC+ group.

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