He said that the all countries need to cooperate on the issue to ensure stable supplies. He did not outline any concrete steps being taken after the attacks that damaged two tankers on June 13.

Al Falih also said that he expects the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia to meet in the first week of July to discuss an extension of a supply output cut agreement.

He said OPEC was moving was towards a consensus on extending the agreement.

Oil demand growth has held up despite trade disputes roiling global markets, al Falih said, adding he expects worldwide demand to be above 100 million barrels per day this year.