The Saudi government has announced plans to compensate countries for potential losses to keep global crude market in balance after Washington’s decision to end waivers granted to buyers of Iranian oil.
The oil-rich kingdom pledged to assess the impact of the tightened US sanctions targeting Iranian oil exports on the market before raising output.
“Saudi Arabia is closely monitoring the oil market developments following the recent statement from the US government regarding oil export sanctions on Iran,” Energy Minister Khalid a-Falih said in a statement.
Also on rt.com United States to end sanction waivers for countries importing Iranian oil“Saudi Arabia will coordinate with fellow oil producers to ensure adequate supplies are available to consumers while ensuring the global oil market does not go out of balance.”
Earlier on Monday, The White House said it plans to end sanction waivers granted for the buyers of Iranian crude starting May 2. Countries that do not stop buying oil from the Islamic Republic after the deadline risk facing US sanctions.
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Source : RT Business News
Saudi Arabia to 'stabilise' oil market after US ends sanctions waivers on Iranian crude - Riyadh
Saudi Arabia to 'stabilise' oil market after US ends sanctions waivers on Iranian crude - Riyadh
