Saudi Arabia says to coordinate with other producers to ensure adequate oil supply

Saudi Arabia said on Monday it would coordinate with other oil producers to ensure an adequate crude supply and a balanced market after the United States said it would end waivers granted to buyers of Iranian oil.

"Saudi Arabia is closely monitoring the oil market developments following the recent statement from the U.S. government regarding oil export sanctions on Iran," Energy Minister Khalid a-Falih said in a statement.

"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."