Crude prices slumped, rebounded sharply and then lost their gains all in the space of a couple of hours 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.
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