(MENAFN) Saudi Arabia plans to increase its oil output and claim a bigger market share to meet the demands of any new customers, local media showed, Gulf News reported.
Saudi oil minister said that the country wants to maintain a market share of 9.7 million barrels per day, unless a new client comes along and then it may increases it.
The remark was one of the strongest signals yet that the world's top oil exporter has no intention of cutting output in the face of sliding oil prices, and is instead willing to use its low cost of production to win market share from non-OPEC competitors which it blames for the price collapse.
He confirmed that Saudi Arabia would not cut to prop up oil markets even if non-OPEC nations did so, and that the best way to address conditions in the oil market was to "let the most efficient producers produce".
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