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Amin Nasser, the CEO of Saudi Aramco, the state-owned oil company of the Kingdom of Saudi Arabia, argued that the impact of the falling global oil demand due to the coronavirus outbreak on the company would be “minimal.”

“When we do our plans we take into consideration oversupply or shortage of supply, this is part of our flexibility,” Nasser explained during a panel discussion at an industry conference in Riyadh, per Reuters.

Crude oil reaction

The barrel of West Texas Intermediate edged higher after these comments and was last seen trading at $51.65, adding 0.7% on a daily basis.