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Tue 1 Mar 2016 01:57 PM

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Saudi Arabia backs calls to stabilise oil market

Gulf kingdom pledges to cooperate with producers on oil price fluctuations

Saudi Arabia backs calls to stabilise oil market
Saudi King Salman bin Abdulaziz attends the second day of the 136th Gulf Cooperation Council (GCC) summit held in Riyadh, on December 10, 2015 as kings and emirs from six Gulf states began two days of talks, at the same time as unprecedented discussions by the Syrian opposition at a luxury hotel in another part of the city. Salman called for political solutions to the wars in Syria and Yemen, while condemning terrorism, at the opening of the annual Gulf summit. (Fayez Nureldine/AFP/Getty Images)

Saudi Arabian ministers have pledged to take steps to achieve greater stability in the oil market, according to local media.

At a cabinet meeting chaired by King Salman in Riyadh on Monday, ministers agreed to cooperate with other major oil producers to tackle price fluctuations, reported Saudi Gazette citing state news agency SPA.

The cabinet reportedly stated that Saudi Arabia “invests huge amounts of money to maintain its vital reserve capacity to help meet additional demand, or deal with global supply disruption if necessary”.

In a statement to national news agency SPA, Majed Al Qasabi, the Saudi minister of social affairs and acting minister of culture and information, said the kingdom “would continue interacting with all major oil producers in its bid to check fluctuations”.

He added that ministers had discussed the deliberations of the Cambridge Week for Energy Research group in Houston on the international oil market and reiterated that the kingdom would remain “committed to meeting a large share of global energy demand on a purely commercial basis”.

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