February 29, 2016 / 11:32 AM / 4 years ago

Saudi says to work with oil producers to limit market volatility

Vehicles wait for a fuel pump to reopen after morning prayers during early hours at a petrol station in Khobar west of Riyadh, Saudi Arabia January 29, 2016. REUTERS/Hamad I Mohammed

RIYADH (Reuters) - Saudi Arabia will continue to work with all main oil producers to limit market volatility and is committed to meeting a big part of global oil demand based on commercial considerations, its cabinet said on Monday, state news agency SPA reported.

The cabinet added in its statement after the weekly meeting that Saudi Arabia will continue to invest in its energy sector to keep its oil production capacity to help meet any extra demand or to deal with any disruption in global supply.

“The kingdom seeks to achieve stability in the oil markets and will always remain in contact with all main producers in an attempt to limit volatility and it welcomes any cooperative action,” the cabinet statement said.

Reporting By Angus McDowall; Editing by Rania El Gamal

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