Al-Falih: Saudi Arabia to ensure oil market stability after US ends Iran waivers

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Saudi Arabia is committed to ensuring oil market stability after a US decision to end sanction exemptions for Iran’s customers, the Kingdom’s Energy Minister Khalid al-Falih said on Monday.

“Saudi Arabia is closely monitoring the oil market developments following the recent statement from the US 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,” al-Falih said in a statement.

The White House on Monday announced it will no longer grant reprieves from unilateral US sanctions on Tehran, in order to “bring Iran’s oil exports to zero.”

The Energy Minister said that Saudi Arabia will coordinate with other 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,” al-Falih added.

Trump on Monday said that US ally Saudi Arabia will help to make up easily for any shortfalls in oil supply after he ordered a tightening of sanctions on Iran’s oil exports.

“Saudi Arabia and others in OPEC will more than make up the Oil Flow difference in our now Full Sanctions on Iranian Oil,” Trump said in a tweet.

Eight governments were initially given six-month reprieves from the unilateral US sanctions on Iran. They include India, which has warm ties with Washington but disagrees on the US insistence that Iran is a threat. Other countries that will be affected include China and Turkey.

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