The chairman of Saudi Arabian Oil Co. (Saudi Aramco), Saudi Arabian state-owned oil producer, Khalid al-Falid said at the World Economic Forum in Davos on Thursday that Saudi Arabia can withstand low oil prices for a long period as production costs in Saudi Arabia are the lowest. But he expects higher prices by the end of the year.

al-Falid noted that the country is ready to cooperate with other oil producer to balance the oil market.