April 13, 2015 / 12:27 PM / 3 years ago

Saudi repeats would need cooperation to improve oil prices

KHOBAR, Saudi Arabia (Reuters) - The cabinet of top oil exporter Saudi Arabia reiterated on Monday that the kingdom would not act alone in restoring the stability of the oil market and improving prices, state news agency SPA said after a weekly cabinet meeting.

An oil well is seen near Denver, Colorado February 2, 2015. REUTERS/Rick Wilking

“The cabinet renews in this context the kingdom’s affirmations that it remains willing to participate in restoring market stability and improving prices in a reasonable and acceptable manner,” the cabinet said in a statement.

“But this can only be with participation from major oil producing and exporting countries and it must be transparent,” the statement added.

The cabinet praised a conference in Riyadh last week at which Saudi Oil Minister Ali al-Naimi delivered the same message.

Its statement also repeated that Saudi Arabia does not use oil for political purposes against any country, and that it is not in competition with shale or other high-cost oil supplies.

“On the contrary, it welcomes all new energy sources which add depth and stability to the market,” the cabinet said.

Reporting by Reem Shamseddine; Editing by Andrew Torchia

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