Saudi King Salman: Working to guarantee stability of oil supplies despite COVID-19 impact

While expressing gratitude to be the Chairman of the Group of 20 economies’ (G20) exceptional circumstance, Saudi Arabia’s Mohammed bin Salman mentioned his efforts to keep the oil flows alive. In doing so, the leader signals that he is considering a way that equally serves producers and consumers despite the coronavirus (COVID-19) impact on global oil markets.

The Arab leader also mentioned that the kingdom managed to minimize the impact of covid-19 on the economy and health sector.

However, Saudi dislike for Iran couldn’t be ignored in the latest statements where King Salman stressed the danger of Iran's regional project in supporting terrorism, extremism and sectarianism.

Market implications

Given the update cites covid impact on oil and a struggle for the energy producers, WTI prices dropped from $41.84, to currently around $41.66, during the early Thursday morning in Asia.