190309 saudi arabia
The King Abdullah Financial District, north of Riyadh, Saudi Arabia. Image Credit: Reuters

Riyadh - Saudi Arabia's council of ministers reiterated the country's commitment to balancing global oil markets and preventing regional conflict amid tensions between Iran and the United States, state media reported on Wednesday.

The kingdom "will do everything in its power to prevent any war and its hand is always extended to peace," a cabinet statement said.

Adding the government was committed "to achieving balance in the (oil) market and working towards its stability on a sustainable basis."