Saudi Arabia Won't Cut Oil Production, Says Foreign Minister

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Saudi Foreign Minister Adel al-Jubeir said that the country is not prepared to cut oil production, AFP reports.

"If other producers want to limit or agree to a freeze in terms of additional production, that may have an impact on the market but Saudi Arabia is not prepared to cut production," Adel al-Jubeir told AFP in an interview.

Oil refinery in Escombreras (Cartagena) - Sputnik International
Doha Oil Production Freeze Agreement Paves Way to New Producers Alliance
Earlier in the week, a number of oil producing countries including Saudi Arabia, Russia, Venezuela and Qatar agreed to freeze their oil output following talks on the current oil market situation held in Doha.

Later Iran has also agreed to freeze oil production.

Now, the Saudi Foreign minister said that "the oil issue will be determined by supply and demand and by market forces."

"The kingdom of Saudi Arabia will protect its market share and we have said so," he told AFP.

An oil tanker is seen off the port of Bandar Abbas, southern Iran (File) - Sputnik International
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Since the collapse in oil prices in the first half of January to below $30 a barrel, OPEC member states and non-OPEC countries have been mulling a meeting to address the slump in oil prices, which has caused financial turmoil for a number of oil-reliant nations.

On Tuesday, Saudi Arabia, Russia, Qatar and Venezuela agreed at the Doha talks to keep their average monthly oil output throughout 2016 at January levels if other major oil producers followed suit.

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