OPEC+ to maintain oil market stability

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman

Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Monday, “The Kingdom and other OPEC+ producers had the capability to respond to any to maintain oil market stability”.

Prince Abdulaziz said the Kingdom was closely monitoring developments in global oil markets resulting from “gloomy expectations” over the impact of the new coronavirus on the Chinese and global economy and oil market fundamentals.

“Psychological factors and extremely negative expectations adopted by some market participants despite its very limited impact on global oil demand primarily drove the impact on global oil markets,” the minister said.