Saudi cabinet affirms desire to avoid war, stabilize oil markets

Saudi Arabia's council of ministers reiterated the country's commitment to balancing global oil markets and preventing regional conflict amid tensions between Iran and the United States, state media reported on Wednesday.

The kingdom "will do everything in its power to prevent any war and its hand is always extended to peace," a cabinet statement said, adding the government was committed "to achieving balance in the (oil) market and working towards its stability on a sustainable basis."

Saudi Arabia has been at the forefront of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), of which the kingdom is the de-facto leader that began in January and are aimed at reducing global oversupply.