May 9, 2018 / 4:52 PM / 3 months ago

Saudi Energy Minister: we will work with major producers to offset oil supply shortage

DUBAI, May 9 (Reuters) - Saudi Arabia’s Energy Minister Khalid al-Falih said on Wednesday the kingdom will work closely with major OPEC and non-OPEC producers as well as key oil consumers to lessen the impact of any supply shortages after U.S. withdrawal from the Iran nuclear deal.

“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,” Falih wrote on his official twitter account.

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

Earlier on Wednesday, an OPEC source familiar with Saudi Arabia’s thinking told Reuters that the kingdom is monitoring the impact on the oil market from the U.S. withdrawal from the Iran nuclear deal and is ready to offset any potential shortage but it will not act alone to fill in the gap.

Reporting by Rania El Gamal; Editing by Elaine Hardcastle

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