Saudi Oil Minister: global oil market to stabilize

The Saudi Arabian Minister of Petroleum, Ali bin Ibrahim al-Naimi, hopes that stability will return to the global oil market.

According to him, "the oil market has witnessed over its long history periods of instability and severe price fluctuations. This is one of them," the minister noted.

"Market forces, as well as cooperation among the producing nations, always lead to the restoration of stability. This, however, takes some time," the Wall Street Journal cited him as saying.

Even though a period of instability lasts more than 12 months now, he is optimistic about the market outlook.

"I’m optimistic about the future, the return of stability to the global oil markets, the improvement of prices and the cooperation among the major producing countries," Interfax cited the Saudi Arabian Minister of Petroleum as saying.