The government of Saudi Arabia has reviewed the possible developments of the oil market considering the impact of the recent coronavirus outbreak on the Chinese and global economies, the state-run Saudi Press Agency reported on Tuesday

Oil prices hit near four-month lows on Monday with leading crude benchmark Brent slipping beneath the key $60 per barrel support mark amid the worsening risk to global markets from China's spreading coronavirus

The United Arab Emirates does not expect the oil market to excessively react to a possible decrease in demand due to the new coronavirus outbreak in China, UAE Energy Minister Suhail Mohamed Faraj Al Mazroui said on Monday

Saudi Arabia and other OPEC+ countries have enough capabilities and flexibility to maintain stability in the global oil market amid the outbreak of the new coronavirus in China, Saudi state media reported on Monday, citing Energy Minister Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud