(MENAFN) Saudi Arabia's King Abdullah said that the country will deal with the challenges that the continuous drop in oil prices will pose on Saudi with a strong will, Arabian Business reported.

"You cannot be blind to the tensions in the global oil markets... these are not new developments and we have dealt with it in the past with a firm will and wisdom... and we will deal with the new developments in the same vein," The King said in a speech that the Crown Prince read on his behalf

The World's top oil exporter said that the lower prices were caused by many factors, of which the most important was weakness in the global economy, adding that Saudi Arabia had faced similar market conditions before.

The King's speech comes after Saudi Arabia saying last month that it does not plan to cut output even if non-OPEC nations did so.