Riyadh to ‘stabilise’ oil market after US move to end Iran waivers, says minister

Saudi Arabia's Oil Minister Khalid al-Falih said Riyadh would continue to try and stabilise the market. — Reuters pic
Saudi Arabia's Oil Minister Khalid al-Falih said Riyadh would continue to try and stabilise the market. — Reuters pic

RIYADH, April 22 — Riyadh is committed to “stabilise” the oil market after a US decision to end sanction exemptions for Iran’s customers, Saudi Arabia’s Energy Minister Khalid al-Falih said today.

“The kingdom reaffirms its longstanding policy, which seeks to stabilise the markets at all times,” he said in a statement carried by the official Saudi Press Agency.

“The kingdom will coordinate with other oil producing countries to ensure adequate supplies to consumers,” he added.

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”.

Eight countries intially given six-month waivers include China, India and Turkey.

The Saudi energy minister said Riyadh was “following closely” market developments.

Riyadh will work with both producer and consumer countries to ensure “market stability in the interest of both parties and the growth of the world economy,” Falih said.

The White House has said Saudi Arabia and the United Arab Emirates—close US allies—would work to make up the difference in oil to ensure that global markets are not rocked.

US President Donald Trump has adopted a hawkish stance to Saudi’s regional rival Iran, last year pulling out of a landmark nuclear deal Tehran agreed with world powers and imposing sanctions. — AFP

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