Naimi: Saudis not focused on market share

OREANDA-NEWS. February 25, 2016. Saudi Arabia is not seeking a greater market share and will continue talks with other producers to stabilize oil markets, Saudi oil minister Ali Naimi said today.

"Saudi Arabia is not seeking a greater market share. Our purpose is not market share but to satisfy market demand," Naimi said today at at the IHS CeraWeek conference in Houston.

Saudi Arabia will continue to talk with other oil producers as it seeks a stable oil market, he said.

"We seek consensus and are open to cooperative action," Naimi said. Russia, Saudi Arabia, Qatar and Venezuela on 16 February agreed to freeze output at January levels, if other producers join the initiative. But Iran and Iraq are reluctant to make similar commitments.