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Mon 22 Apr 2019 07:48 PM

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Riyadh says committed to stabilising oil market

Saudi Arabia's Energy Minister Khalid al-Falih reaffirms policy after US decision to end sanction exemptions for Iran's customers

Riyadh says committed to stabilising oil market
Saudi Arabia's Energy Minister Khalid al-Falih. (FAYEZ NURELDINE/AFP/Getty Images)

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 Monday.

"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.

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