Saudi Arabia's Energy, Industry and Mineral Resources minster Khalid Al-Falih has released a statement on Monday to react on the statement of the U.S. government regarding oil export sanctions on Iran.
"Saudi Arabia is closely monitoring the oil market developments following the recent statement from the U.S. government regarding oil export sanctions on Iran. The Kingdom would like to reiterate its long-standing policy of working towards oil market stability at all times." Read a statement released by the Energy, Industry and Mineral Resources ministry.
"Accordingly, Saudi Arabia will coordinate with fellow oil producers toensure adequate supplies are available to consumers while ensuring the globaloil market does not go out of balance."
"In the next few weeks, the Kingdom will be consulting closely withother producing countries and key oil consuming nations to ensure awell-balanced and stable oil market, for the benefits of producers andconsumers as well as the stability of the world economy." The statement added.
