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Foreign Minister of Saudi Arabia: oil production will not be cut

The foreign Minister of Saudi Arabia Adel al-Jubayr said that one should not expect Riyadh to the reduction of oil supplies to the global market, while other exporters increase their production.

Adel al-Jubayr made the announcement on 5 March, reported Reuters news Agency.

Speaking to reporters in Paris, the Saudi Minister said the Kingdom intends to maintain its market share and believes in market forces that determine the price of oil.

Recently, the Minister of oil industry of Saudi Arabia Ali al-Naimi ruled out the possibility of reduction of volumes of oil production in his country and noted that the lack of trust between the countries-exporters does decrease the scale of production is unlikely. However, al-Naimi declared his intention to achieve agreement on the freezing of oil production at the current level.

Some time ago there were reports that Russia and Saudi Arabia have agreed to freeze oil production at the level of January 2016.

Earlier, the head of the oil industry of Iran Bijan Namdar Zanganeh said that Tehran was not going to freeze its prey, as it seeks to restore position in the market suffered because of the sanctions, and increases the supply to European countries.

Foreign Minister of Saudi Arabia: oil production will not be cut 05.03.2016

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