DUBAI — Saudi Arabia, the world’s top oil exporter, on Monday urged caution against “gloomy expectations” regarding the possible impact of the spread of the coronavirus on the global economy and oil demand. Fellow Gulf OPEC oil producer United Arab Emirates echoed the Saudi minister’s comments. “It is important that we do not exaggerate projections related to future decreases in oil demand due to events in China,” UAE Minister of Energy Suhail al-Mazrouei said. In March “OPEC and OPEC+ member countries will discuss market conditions and, if required, all options to ensure continued market balance,” he said. The Saudi minister said OPEC and its allies could respond to any impact on the oil market, adding he was confident the Chinese and international authorities could contain the virus.

Source: National Post January 27, 2020 13:30 UTC