Thursday 20 February 2020

Coronavirus: psychological factors impacting market says UAE

ABU DHABI, 23 days ago

The impact on global markets, including the oil market, from the spread of Coronavirus is driven by psychological factors affecting certain traders in the market, said Suhail bin Mohammed Faraj Faris Al Mazrouei, UAE Minister of Energy and Industry.
In a statement, Al Mazrouei said: "It is logical for us not to inflate any prospects for a decline in demand as a result of what is happening in China, as the UAE is following with interest the efforts of the Chinese Government to contain the outbreak of the Coronavirus."
He expressed the UAE’s confidence in the ability of China and the international community to control and eliminate the virus completely, said a Wam news agency report quoting the statement.
The minister also noted that the member states of Opec plus will discuss all options to achieve market balance during the next ministerial meeting, to be held next March.
The UAE Minister of Energy and Industry noted that he is optimistic that all members of Opec plus will make wise decisions that preserve gains thanks to their ability and flexibility to form a suitable response.
Al Mazrouei pointed out that the UAE plays a key role in achieving stability and balance in global markets, having met its commitment to reduce production last December by more than 100 percent.


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