FILE PHOTO: UAE's Oil Minister Suhail Mohamed Al Mazrouei arrives at the OPEC headquarters in Vienna, Austria December 6, 2019. REUTERS/Leonhard Foeger
DUBAI - The United Arab Emirates’ Minister of Energy said on Monday the oil market should not overreact to the possible impact of an outbreak of coronavirus in China on demand. Suhail al-Mazrouei said he was confident in the ability of China and the international community to bring the current outbreak under control.
“It is important that we do not exaggerate projections related to future decreases in oil demand due to events in China, and the market does not over-react based on psychological factors, driven by some traders in the market,” he said in a statement.
Corona virus has big and direct impact on the oil market if China failed to get the virus under control it's going to declare disaster A lot of factories will remain closed till the issue over while China is the world biggest oil importer definitely her consumption will go down
Any excuse to ramp up price