As the impact of the Coronavirus continues to bite harder on the traveling and tours industry which has impacted demand for petroleum products. Major oil producing and exporting countries are calling for concerted efforts to tackle it. Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al-Saud expressed confidence over the Chinese authorities’ abilities to contain and eradicate the new coronavirus. China had placed total travel ban across Wuhan District and other key cities across the country as part of efforts to mitigate the spread of the Coronavirus. But with the emergence of the disease in neighboring countries, the impact on travel is being felt across Asia and the world.

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Reacting to the call, Equatorial Guinea has expressed full support to Saudi Arabia’s proposal aimed at containing the impact of the pandemic on crude oil demand, stressing that oil producing countries should join hands to fashion out ways to react to any potential impact of the Coronavirus on the global oil market.

Yesterday, Prince Abdulaziz bin Salman Al-Saud, Minister of Energy, and expressed confidence over the Chinese authorities’ abilities to contain and eradicate the new coronavirus. He added that in the case of psychological factors impacting oil prices, the Kingdom would be ready to act with OPEC and OPEC+ members on maintaining stability of the market.

“As an OPEC member, Equatorial Guinea stands by Saudi Arabia’s statement and is fully ready to engage on a coordinate action with OPEC if future evolutions of the coronavirus were to affect global oil market stability,” declared H.E. Gabriel Mbaga Obiang Lima, Minister of Mines and Hydrocarbons. “We share confidence in the ability of China and the international community to put an end to the spread of the virus at the soonest, and will continue to monitor market expectations accordingly.”

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry