Saudi Arabia: ready to cooperate for oil stability

Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Ibrahim Naimi speaks to journalists at a hotel in Vienna, Austria, Tuesday, Dec. 1, 2015 (AP)

Saudi Oil Minister Ali al-Naimi said that Saudi Arabia is ready to cooperate with members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC countries to attain market stability seeing that oil prices will likely improve in the near future.

In an exclusive interview with Al Arabiya News Channel, al-Naimi highlighted two proposals discussed at OPEC’s headquarters in Vienna to curb global oil gluts.

The first is from the meeting’s president and is “easy to be implemented” according to the minister. The proposal suggests the distribution of the quantitative increase in demand as it will be with no follow-up committees.

The second proposal is coming from Venezuela and suggests increasing the collective output ceiling to 30 million barrels per day to maintain a share market, but it will require forming committees and follow-up.

In a previous statement al-Naimi said producers from the Gulf are committed to meeting global customers’ demands and will not oversaturate the market.

Naimi also added that growing global demand could absorb an expected jump in global production and that the market was open to everyone.

Last Update: Wednesday, 20 May 2020 KSA 09:47 - GMT 06:47