The Saudi Arabian Grand Prix will go ahead after "extensive discussion" and a drivers' meeting amid concerns over a missile attack an oil depot near the circuit.

Formula One CEO Stefano Domenicali and FIA president Mohammed Ben Sulayem called an emergency meeting on Friday after a depot not far from the Jeddah Corniche Circuit was engulfed in flames.

The second practice session was delayed by 15 minutes as drivers and team principals met with officials. 

They held another meeting that reportedly ran into the early hours on Saturday morning after F1 stated that the race would be staged.

F1 provided a further statement ahead of qualifying on Saturday, saying the event will still go ahead as planned.

"Formula One and the FIA can confirm that following discussions with all the teams and drivers, the 2022 FIA Formula One Saudi Arabian Grand Prix will continue as scheduled," the statement said.

"Following the widely reported incident that took place in Jeddah on Friday, there has been extensive discussion between all stakeholders, the Saudi government authorities and security agencies who have given full and detailed assurances that the event is secure.

"It has been agreed with all stakeholders to maintain a clear and open dialogue throughout the event and for the future."

The Grand Prix Drivers' Association (GPDA) said it was only natural the drivers should seek assurances over security.

"On seeing the smoke from the incident, it was difficult to remain a fully focused race driver and erase natural human concerns," a GPDA statement read.

"Consequently we went into long discussions between ourselves, with our team principals, and with the most senior people who run our sport.

"A large variety of opinions were shared and debated and, having listened not only to the F1 powers but also to the Saudi government ministers – who explained how security measures were being elevated to the maximum – the outcome was a resolution that we would practice and qualify today and race tomorrow.

"We therefore hope that the 2022 Saudi Arabian Grand Prix will be remembered as a good race rather than for the incident that took place yesterday."