Saudi King Salman: Oil policy aims for stability of global oil market

Saudi Arabia's oil policy aims for the stability of the global oil market, serving producers and consumers alike, Saudi Arabia's King Salman said in an annual address to the Shura Council advisory body on Wednesday.

Salman further added that they aim for security and reliability of oil supplies. "The ability of Aramco to quickly restore oil production capacity after the September attacks proves the Kingdom's ability to meet global demand during any shortage."

Crude oil largely ignored these comments and the barrel of West Texas Intermediate was trading at $55.60, adding nearly 1% on the day.