February 1, 2016 / 10:27 AM / 4 years ago

Saudi Arabia ready to manage oil market but all must cooperate: Al Hayat newspaper

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, August 21, 2015. REUTERS/Heinz-Peter Bader

DUBAI (Reuters) - Saudi Arabia is ready to manage the oil market under the condition that “everybody must cooperate”, from OPEC members to other oil producers outside the exporting group, the Saudi-owned al-Hayat newspaper cited an OPEC source as saying.

“It is still early to talk about holding an OPEC emergency meeting, especially since the amount of crude that Iran would pump into the markets after lifting the sanctions is still unknown. That will not be entirely clear before at least two months from now,” al-Hayat quoted the OPEC source as saying on Monday.

The Organization of the Petroleum Exporting Countries is considering a request from cash-strapped Venezuela to hold an emergency meeting to support oil prices.

Oil prices jumped in the last days after Russian energy officials said they received proposals from OPEC lynchpin Saudi Arabia on managing output and were ready to talk.

Reporting by Rania El Gamal, editing by Louise Heavens

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