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Tue 29 Dec 2015 11:28 AM

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KSA can outlast others, says oil boss

Saudi Aramco chairman Khalid Al Falih says the kingdom is better equipped than other countries to wait out low oil prices

KSA can outlast others, says oil boss
Saudi Aramco Chairman Khalid Al Falih. (Getty Images)

Saudi Arabia is better equipped to wait out currently low oil prices than other producers, Saudi Aramco Chairman Khalid Al Falih said on Monday, adding that he expected a more stable market "some time in 2016".

"Saudi Arabia more than anyone else has the capacity to wait out the market until this balancing takes place," he told a news conference.

The comment by the head of the state oil company was in line with Saudi Arabia's no-cut oil policy on output despite a sharp fall in global oil prices since mid-2014.

"Our production policy has been clear, we will meet out customers' demand and will not leave our customers short of energy," he said.

Saudi Arabia, the world's largest oil exporter, led a shift in OPEC policy last year by rejecting calls to reduce production to support prices, choosing instead to defend market share.

Brent crude futures this month have hit their lowest levels since 2004.

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