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Tuesday 24 Nov 2015 - 11:39 Makkah mean time-12-2-1437
Khobar, (IINA) - Saudi Arabia's Cabinet announced on Monday that it is ready to cooperate with the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries as well to achieve market stability, Reuters reported.
Oil prices increased by $1 a barrel after the comments, even though it was a repetition of what Saudi Oil Minister Ali Naimi said in a speech last week.
"The council (of ministers) ... stressed the Kingdom's role in (achieving) the stability of the oil market and its continuous readiness and efforts to cooperate with all OPEC and non-OPEC countries to maintain the stability of the market and prices", the Cabinet stated.
OPEC has been urging non-member producers such as Russia to participate in cutting supply in order to reduce the glut that has more than halved prices since mid-2014, non-OPEC countries have refused and OPEC in turn has declined to reduce its supplies.
Algeria's prime minister, in a speech at the Gas Exporting Countries Forum (GECF) Summit in Tehran, urged leading oil market players to control output levels.
"The main players in the petroleum market must certainly reach an agreement about the levels of production", Algerian Prime Minister Abdelmalek Sellal said.
"If the petroleum market is not controlled, it will witness strong volatility for prices", he added, warning that this would hurt the "interests of producers and consumers and the whole petroleum industry".
A senior Gulf OPEC delegate said earlier this month that OPEC was likely to stick to the no-cut policy if major non-OPEC producers are not willing to help.
AG/IINA
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