Saudi Arabian oil minister Ali al-Naimi has said that he expects oil prices to stabilise in the coming months, according to news site Reuters.
During a speech in Berlin, al-Naimi also urged non-OPEC producers to help balance the oil market.
"Going forward, I hope and expect supply and demand to balance and for prices to stabilise," Naimi said. "Global economic growth seems more robust."
The price of crude was trading at above $60 a barrel on Wednesday, an increase of more than 30% from a near six-year low close to $45 on Jan. 13.
Naimi reiterated that it should not be Saudi Arabia’s responsibility to cut production levels, effectively subsidising less efficient producers.
"In cooperation with many countries we have moderated production levels to improve the market situation. But now the situation is different. We need every major producer to cooperate," he said.
"It makes absolutely no sense for the most efficient producers to be the ones to cut production when we are only 30 percent of the producers."