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FinancialNews
28-01-20
KSA, countries of (OPEC) to respond to any oil market imbalances
(MENAFN) According to Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud, KSA and the countries of the Organization of Petroleum Exporting Countries (OPEC) are ready to take action to any oil market imbalances following mysterious Chinese and international market estimates over the coronavirus epidemic.
As said by Energy Minister, "the kingdom is closely following developments in the international oil market that may be affected from the coronavirus on the Chinese and global economy, including balances on the oil markets."
He was worried that the recent impact on the oil market is now caused by "psychological factors" and very negative expectations implemented by some market participants regardless of its very limited impact on international oil demand.
He said that, "I am confident the Chinese government and international community can contain the spread of the virus and fully eradicate it".
MENAFN2801202000450000ID1099613003
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