Saudi Arabia's Oil Minister Ali Al-Naimi has said that the kingdom stood ready to "improve" prices but only if other producers outside of the Organisation of the Petroleum Exporting Countries (Opec) joined the effort.
Crude prices dropped on Wednesday after Saudi Arabia reported record production of 10.3 million barrels per day in March, a figure the country's oil minister said was unlikely to fall by much.
The decline in prices followed a
Opec will not take sole responsibility for propping up the oil price, Saudi Arabia's oil minister said on Sunday, signalling the world's top petroleum exporter is determined to ride out a market slump that has roughly halved prices since
Saudi Arabian Oil Minister Ali Al-Naimi said on Wednesday he hoped and expected the oil market to balance and prices, which hit a near six-year low in January, to stabilize.
In a speech, he said his country was committed to helpin
The new Saudi king's decision to keep Ali al-Naimi in his job as oil minister signalled to energy markets that the world's top crude exporter would not flinch from its policy of refusing to cut output as it fiercely guards market share.
Saudi Arabia's new King Salman was quick to keep veteran oil minister Ali al-Naimi on Friday in a message aimed at calming a jittery energy market mindful of Naimi's powerful role within the Opec group of oil-exporting countries.
Saudi Arabia is prepared to increase its oil output and claim a bigger market share to meet the demands of any new customers, Monday's edition of the Saudi-owned Al-Hayat newspaper quoted the kingdom's oil minister as saying.
Saudi Arabia said on Sunday it would not cut output to prop up oil markets even if non-Opec nations did so, in one of the toughest signals yet that the world's top petroleum exporter plans to ride out the market's biggest slump in years.
Saudi Arabia's oil minister defended Opec's decision to keep output steady despite the biggest market slump in years, saying current prices would help global economic growth and petroleum demand, while Ar