Opec trying to stabilise oil prices: Saudi Oil Minister

Saudi Arabia today said the Organisation of Petroleum Exporting Countries is trying to bring stability in the crude oil market and make prices predictable.     

"Opec is trying to bring stability to the market. It is trying to lessen the volatility in the market. Prices are determined by the market... Opec does not determine prices," Saudi Oil Minister Ali Al Naimi said.     

International oil prices fell to a four-year low level of below $40 per barrel in December and have been hovering at that level for a while, despite Opec cutting production.