Saudi Arabian Foreign Minister Adel Al Jubeir said in an interview on Thursday that Saudi Arabia was not ready to lower its oil output.

"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," he said.

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