Crude prices slumped and then rebounded on Monday after Saudi Arabia — the world’s largest export of petroleum — said it would cooperate with all oil producing countries to help stabilize the oil market.
Ali bin Ibrahim Al-Naimi, the Saudi minister for petroleum and mineral resources, spoke at the Seminar on Future of Energy in the Middle East and North Africa in Bahrain, according to a statement from the Saudi press agency.
“Perhaps it would be fitting here to mention the role of the Kingdom of Saudi Arabia in the stability of the oil market, and its continued willingness and prompt, assiduous efforts to cooperate with all oil producing and exporting countries, both from within and outside OPEC, in order to maintain market and price stability,” Al-Naimi said.
At a Saudi cabinet briefing on Monday, stability in the oil market was also mentioned.
“The Cabinet stressed the Kingdom’s role in the stability of the oil market, its constant readiness and continuing pursuit to cooperate with all oil producing and exporting countries,” according to another statement from the Saudi press agency based on the meeting.
The two statements were viewed by the market as a sign that Organization of Petroleum Exporting Countries (OPEC) — which is dominated by Saudi Arabia — might alter its policy of holding oil output in the face of slumping demand.