Saudi Arabia expresses concern about impact of trade tensions on oil market

Saudi Energy Minister Khalid Al-Falih has said in an interview with Arab News that Saudi Arabia is closely monitoring developments in the oil market, which saw a high level of volatility in recent weeks. Falih says the effectiveness of OPEC+ efforts has been well-proven over the course of almost 30 months.

Saudi's Falih says the 24 oil exporting countries in the group remain committed to the shared objective of balancing the oil market for the benefit of producers and consumers.

Falih says increasing U.S.-China trade friction and potential barriers would certainly have a negative impact on the global economy and oil demand growth.