Saudi Arabia to Ensure Adequate Crude Supply to Consumers

Saudi Arabia is closely monitoring the oil market developments following the recent statement from the US government regarding oil export sanctions on Iran, said Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources.

The kingdom reiterates its long-standing policy of working towards oil market stability at all times, he said in a statement.

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.

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, he said.