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Saudis reiterate readiness to work with producers to stabilise oil

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Saudi Arabia's government reiterated its commitment to work with Opec members and other producers to stabilise the oil market.

[BEIRUT] Saudi Arabia's government reiterated its commitment to work with Opec members and other producers to stabilise the oil market.

The country strives to "cooperate with all oil producers and exporters, from inside and outside of Opec, to preserve the stability of the market and prices," Saudi Arabia's cabinet said in a statement on Monday following its weekly meeting, carried by the Saudi Press Agency.

Saudi Oil Minister Ali al-Naimi said on Thursday the kingdom is working with members of the Organisation of Petroleum Exporting Countries and countries outside of the group to see a stable oil market.  "They have always said they would cooperate if non-Opec joins," Miswin Mahesh, an analyst at Barclays Plc in London, said by e-mail.

Threatened by surging output mainly from North America and Russia, Opec has been pumping above its target for 17 months as it seeks to take market share from higher-cost producers.

Brent crude, a price benchmark for more than half of the world's traded oil, reversed earlier losses and traded 48 cents higher at $45.14 a barrel in London at 12:44 p.m. local time on Monday.

BLOOMBERG