Switzerland Hopes For Oil Market Stabilization In Light Of OPEC+ Efforts - Diplomat

MOSCOW (Pakistan Point News / Sputnik - 10th April, 2020) Even though Switzerland depends on oil imports, it supports the stabilization of oil market as the current volatility hampers long-term planning, Tobias Privitelli, the deputy head of the Swiss diplomatic mission to Russia, told Sputnik.

"In general, our economy prefers stable conditions in the global oil market which in turn allows for better planning security and thus lower costs for economic stakeholders. In that sense, stabilizing the market would be highly welcome to benefit not only Switzerland but the world at large," Privitelli said, when asked what stance Switzerland shares considering that its end users and business may benefit from low oil prices.

The oil prices have sharply fallen against the background of COVID-19 and the failure of OPEC+ talks. The OPEC+ countries are holding a meeting on Thursday to seek ways to stabilize the market and rescue the falling prices. The talks will be followed by a meeting of G20 energy ministers.