OPEC+ should not be complacent about coronavirus: Saudi Energy Minister

Prince Abdulaziz bin Salman, Minister of Energy of Saudi Arabia at the World Energy Congress 2019. (File photo: AFP)

Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman, said on Tuesday that OPEC+ countries should not be complacent about the coronavirus.

“Everything serious requires attendance,” he told reporters on the sidelines of an industry conference in Riyadh.

Prince Abdulaziz said he was confident that every member in the OPEC+ alliance was a responsible and responsive oil producer.

An OPEC+ committee recommended earlier this month the group deepen its production curbs by an additional 600,000 barrels per day to counter the oil demand loss brought about by the new coronavirus outbreak.

Saudi Arabia had been supporting a further oil production cut, but Russia was yet to announce its final position on that.

Prince Abdulaziz said he was still talking with Moscow and that he is confident of Riyadh’s partnership with the rest of the OPEC+ group.

 

“We did not run out of ideas, we have not closed our phones. There is always a good way of communicating through conference calls,” he said.

Oil steadied on Tuesday as investors sought bargains after crude benchmarks slumped almost four percent in the previous session, although concerns about the coronavirus spreading out of China and curbing fuel demand capped gains.

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Last Update: 10:57 KSA 13:57 - GMT 10:57
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