Increases in global oil inventories have ensured that crude supplies are at a sufficient level to meet demand, Saudi Arabia's energy minister said Sunday.
In response to the recent attacks on the country's oil facilities, Saudi Energy Minister, Khalid al-Falih, speaking at the Organization of Petroleum Exporting Countries' (OPEC) ministerial monitoring committee meeting in Jeddah, said the attacks threatened oil shipments, but did not affect the country's production.
He also called on other OPEC partners to condemn the attacks.
On May 12, four commercial ships, two of which were Saudi Arabia flagged, were targeted and sabotaged off the coast of the United Arab Emirates (UAE).
Last Tuesday, a Yemeni rebel group, the Houthi movement, officially called Ansar Allah, claimed responsibility for carrying out seven air attacks on Saudi oil-pumping stations on Al-Masirah television channel.
Also on Tuesday, the Saudi energy minister said that armed drones carried out attacks on two oil-pumping stations on the East-West pipeline, which carries Saudi oil from the eastern province to the port on the west coast.
Later, Saudi officials claimed that the drone attacks on oil-pumping stations carried out by the Houthis were ordered by Iran, while the UAE asserted that Iran was also responsible for sabotaging four commercial vessels.
Since the attacks, the oil prices steadily rose on fears of supply disruptions. Sanctions against Venezuela and Iran and a civil war in Libya also feed the fear of reduction in oil supplies across the global markets.
Reporting by Gulsen Topcu in Jeddah
Additional reporting and writing by Gokce KucukAnadolu Agency