UAE energy minister urges markets to calm over coronavirus impact on oil demand

UAE Energy Minister, Suhail al-Mazrouei, sits on a panel during the Abu Dhabi International Petroleum Exhibition and Conference. (File photo: AFP)

The UAE Minister of Energy Suhail al-Mazroui on Monday urged markets to not overreact to the possible impact of the coronavirus on oil demand.

In his statement, al-Mazroui added that he is confident in the ability of China and the international community to bring the outbreak under control.

The Minister said that the oil market is driven by “psychological factors.”

He noted that the Organization of Petroleum Exporting Countries (OPEC) and its allies led by Russia, collectively referred to as the OPEC+ group, would meet in March to discuss all options to ensure a balanced oil market.

The UAE’s compliance with the OPEC+ oil cut deal in December has exceeded 100 percent, al-Mazroui said.

Last Update: Wednesday, 20 May 2020 KSA 10:01 - GMT 07:01