Saudi Arabia welcomed on Monday an agreement reached in Algiers last week on restraining oil output, and said it hoped for further cooperation between oil producers inside and outside OPEC to help the interests of producers and consumers.

“The council of ministers stressed the kingdom’s keen desire for the stability of the international oil market in the interest of producers and consumers, the energy industry and the world economy,” state news agency SPA quoted a statement by the cabinet as saying.

The cabinet also said Saudi Arabia was “ready to participate in any collective action” to achieve this goal.

Source: www.reuters.com