Saudi to work with oil producers to support market stability: Al-Falih

Saudi Arabia will work closely with major OPEC and non-OPEC producers as well as key oil consumers to lessen the impact of any supply shortages following the US withdrawal from the Iran nuclear deal, the Kingdom's energy minister Khalid Al-Falih said on Wednesday.

In a series of tweets, the minister said: “Following the U.S. withdrawal from Iran (nuclear) deal, I would like to confirm our commitment to oil market stability for the benefit of producers & consumers."

He added: “I am in close contact with OPEC’s presidency, Russia and the U.S., and will be contacting other producers and major consumers over the next few days to ensure oil market stability.”

On Tuesday, US President Donald Trump abandoned a nuclear deal with Iran and announced plans for the “highest level” of sanctions against the OPEC member.