Saudi Arabia’s cabinet said on Monday it was ready to cooperate with countries, who are members of OPEC and those who are not, to achieve market stability, the state-owned Saudi Press Agency (SPA) reported.

“The council [of ministers] stressed the kingdom’s role in [achieving] the stability of the oil market and its continuous readiness and efforts to cooperate with all OPEC and non-OPEC countries,” the cabinet said in a statement following its weekly meeting.

Following the cabinet's announcement, oil prices turned around to rally on Monday as U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 28 cents a barrel at $42.18 a barrel by 1230 GMT, and Benchmark January Brent futures LCOc1 were up 67 cents at $45.33 a barrel, Reuters reported.

Recently, Saudi Oil Minister Ali al-Naimi has warned investment in the oil industry to keep pace with forecasts for future demand to ensure the stability of the market.

OPEC ministers are due to meet on Dec. 4 to assess the market and decide on production levels.

Oil has fallen from $110 a barrel early last year and is now hovering near $40 for U.S. crude, and $44 for Brent in Europe.

Last Update: Wednesday, 20 May 2020 KSA 09:49 - GMT 06:49