Saudi Arabia closely monitoring oil market
The kingdom reiterates its policy on oil market stability
Abu Dhabi: Saudi Arabia on Monday said it is closely monitoring the oil market developments following the announcement from the US government that it would end Iran sanction waivers granted to eight importing countries.
“The Kingdom would like to reiterate its longstanding policy of working towards oil market stability at all times,” said Khalid Al Falih, Minister of Energy, Industry and Mineral Resources in a statement published on the Saudi Press Agency website.
“Accordingly, Saudi Arabia will coordinate with fellow oil producers to ensure adequate supplies are available to consumers while ensuring the global oil market does not go out of balance.”
The statement also adeed that in the next few weeks, the Kingdom will be consulting closely with other producing countries and key oil consuming nations to ensure a well-balanced and stable oil market, for the benefits of producers and consumers as well as the stability of the world economy.