Saudi Arabian Oil Minister Ali Al Naimi said on Thursday that there were not enough buyers of oil to justify an increase in oil production, despite high prices.
Speaking outside an international oil conference in Paris as the price of oil hovers at high levels, he said that there were not enough buyers of oil in the market to absorb extra output.
Asking where the buyers were, he said that if more buyers emerged, then "we" would sell. But there were no such buyers, he argued.
The minister said: "Where is the buyer? If there is one, we would sell (oil at once). There are no buyers."
As he spoke the price of Brent quality North Sea oil in London hit a record high point of $109.86 per barrel.
Saudi Arabia is the biggest producer within the Organization of Petroleum Exporting Countries. (AFP)
Saudi says oil demand does not justify output rise