RIYADH: Saudi Arabia is “not prepared” to cut oil production, Foreign Minister Adel Al-Jubeir said on Thursday, after the Kingdom agreed with Russia to freeze output if major rivals follow.

“If other producers want to limit or agree to a freeze in terms of additional production that may have an impact on the market but Saudi Arabia is not prepared to cut production,“Al-Jubeir told AFP.

“The oil issue will be determined by supply and demand and by market forces.Saudi Arabia will protect its market share and we have said so,” he said.