Riyadh – Mubasher: Saudi Arabia is closely monitoring developments in the global oil market resulting from concerns about the coronavirus outbreak and its impact on China and the global economy, according to the Saudi Minister of Energy, Prince Abdulaziz bin Salman Al Saud.

The minister expressed confidence in the ability of the Chinese government and the international community to fully eradicate the coronavirus and contain its spread, state-run Saudi Press Agency (SPA) reported.

Psychological factors alongside gloomy and negative expectations are the main cause of the recent effect on the oil market, as was the case with the SARS outbreak in 2003, which did not result in a significant reduction in oil demand, the energy minister noted.

Prince Abdulaziz further stressed the Kingdom’s and other OPEC+ producers’ capability and flexibility to respond to any developments or change in market fundamentals by taking the necessary measurements to maintain the stability of the global oil market.