Saudi Arabia will work with OPEC, non-OPEC to lessen impact of any oil shortage - official

Saudi Arabia will work with OPEC, non-OPEC to lessen impact of any oil shortage - official

DUBAI (Reuters) - Saudi Arabia will work with OPEC and non-OPEC producers to lessen the impact of any shortage in oil supplies, after U.S. President Trump said Washington is withdrawing from the Iran nuclear deal, a Saudi energy official said on Wednesday.

Oil prices had been supported by expectations that Trump would pull out of the deal, which could hit Iranian crude exports and feed geopolitical tensions in the Middle East, home to one-third of the world's daily oil supply. [O/R]

Saudi Arabia "will work with major producers and consumers within and outside OPEC to limit the impact of any supply shortages," the Saudi official said, according to state news agency SPA.

"Following the U.S. decision to withdraw from the nuclear agreement with Iran, Saudi Arabia is committed to supporting the stability of oil markets for the benefit of producers and consumers and the sustainability of the global economic growth," the official said.

(Reporting by Rania El Gamal; Editing by Hugh Lawson)

This story has not been edited by Firstpost staff and is generated by auto-feed.


Updated Date: May 09, 2018 03:06 AM

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