Saudi Arabia ready to take any additional measures in participation with OPEC+ members

The cabinet of the Kingdom of Saudi Arabia affirmed that the Kingdom is keen on achieving oil market stability, the Saudi Press Agency (SPA) tweeted out on Tuesday.

"The Kingdom is committed with Russia to implement production cuts over the next couple of years," the SPA added. "The Kingdom monitoring market conditions closely and ready to take any additional measures in participation with OPEC+ members."

Market reaction

Crude oil prices struggled to recover on these headlines and the barrel of West Texas Intermediate was last seen trading at $15.80.