Al-Jubeir: Saudi Arabia committed to market stability
ALGIERS/JEDDAH: Saudi Arabia is committed to oil market stability and would continue consulting with its partners in the Organization of Petroleum Exporting Countries (OPEC), including Algeria, on production levels, said Foreign Minister Adel Al-Jubeir.
Al-Jubeir made the comments at a joint press conference held in Algiers with his Algerian counterpart Ramtane Lamamra at the conclusion of the political consultation committee meeting between the two countries.
Al-Jubeir pointed out that oil prices are linked to supply and demand in global markets and world economic growth.
Saudi Arabia is evaluating these issues carefully to ensure that there is no shortfall in production or excess output in order to sustain a reasonable level of prices that serves the interests of consumers and producers, said the minister.
There is constant consultation between the Kingdom, Algeria and oil producing countries, Al-Jubeir was quoted as saying by the Saudi Press Agency.
OPEC set an output target of 30 million barrels a day at its Dec. 4 meeting in Vienna.
According to reports, OPEC crude output was steady last month for the 12-member group.
Al-Jubeir said that the meeting in Algiers discussed bilateral and regional issues, including the prevailing situation in Syria, Iraq and Yemen.
The talks also focused on ways of fighting terrorism and highlighted the need to set up a Palestinian state with Al-Quds as its capital.
Al-Jubeir had earlier met with Algerian Prime Minister Abdelmalek Sallal for bilateral talks, and had offered condolences on the death of Hussein Ait Ahmed, one of the leaders of the Algerian Liberation Revolution.
Al-Jubeir arrived in Algeria on Thursday to take part in the third session of the Algerian-Saudi political consultation committee, established in 2008.
The committee held two previous sessions. The last meeting was held in Riyadh.