Moneycontrol PRO
you are here: HomeNewsWorld

OPEC+ countries should not be complacent about coronavirus: Saudi energy minister

"Everything serious requires attendance," he told reporters on the sidelines of an industry conference in Riyadh.

February 25, 2020 / 01:25 PM IST


Saudi Arabia's Minister of Energy, Prince Abdulaziz bin Salman, said on Tuesday that OPEC+ countries should not be complacent about the coronavirus.

"Everything serious requires attendance," he told reporters on the sidelines of an industry conference in Riyadh.

Prince Abdulaziz said he was confident that every member in the OPEC+ alliance was a responsible and responsive oil producer.

An OPEC+ committee recommended earlier this month the group

deepen its production curbs by an additional 600,000 barrels per day to counter the oil demand loss brought about by the new coronavirus outbreak.


COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more

Saudi Arabia had been supporting a further oil production cut, but Russia was yet to announce its final position on that.

Prince Abdulaziz said he was still talking with Moscow and that he is confident of Riyadh‘s partnership with the rest of the OPEC+ group.

"We did not run out of ideas, we have not closed our phones. There is always a good way of communicating through conference calls."

Oil steadied on Tuesday as investors sought bargains after crude benchmarks slumped almost 4% in the previous session, although concerns about the coronavirus spreading out of China and curbing fuel demand capped gains.
first published: Feb 25, 2020 01:21 pm
ISO 27001 - BSI Assurance Mark