"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.
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.
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.