H E Dr Mohammed bin Hamad al Rumhi, Oman’s Minister of Oil and Gas, has said that the sultanate fully supports Saudi Arabia’s readiness to react to any impact the coronavirus could have on the oil market, as reported by Reuters.

“Oman fully supports the statement [and the spirit] of the Kingdom of Saudi Arabia’s stance on its readiness to react to any market condition that may be caused by the ongoing coronavirus outbreak in China,” H E Rumhi told Reuters on Monday.

Oman crude prices plunged 4.25 per cent at the Dubai Mercantile Exchange (DME) on Monday. Oman crude, which is traded at DME, fell to US$60.10 per barrel on Monday from Friday’s closing price at US$62.77 per barrel