The minister of petroleum and mineral resources said Thursday that the global oil price slump was temporary, adding that it was impossible for OPEC to cut output alone to reverse the plunge without the support of other producers.

“It is difficult, or even impossible, for Saudi Arabia or OPEC to undertake any measure that would lead to a reduction in (their) share of the market and an increase in that of non-OPEC producers,” said Ali Al-Naimi.

Speaking to the SPA, he said while OPEC’s output had not changed in years, production by non-OPEC nations “has been increasing constantly.”

He added that price fluctuations “are normal” for commodities. He said OPEC sought last month, as in the past, cooperation from other non-OPEC nations but “those efforts were not successful.” Russia has said it would not cut production even if prices fell below $60 per barrel.

“The situation that we and the world currently face is temporary,” said the minister, citing a combination of factors including slower global growth, increased supply, and reduced demand for oil.

“The global economy, particularly the economies of emerging countries, will resume growth steadily, and then demand for oil will also grow.”

Al-Naimi said the Saudi economy is strong enough to survive lower prices. He said factors including the Kingdom’s “huge financial reserves” help it to withstand short-term variations in oil income.

Al-Naimi reiterated his rejection of any linking of the Kingdom’s oil policy with political motives. “There are wrong analyzes that are circulated from time to time, like linking oil decisions with political motives. These wrong analyzes will be exposed for sure, which would help to bring back balance to the market,” he said.

He also warned against the “negative role of speculators” in the oil market, causing the sharp price volatility.

Crude prices traded above $100 a barrel earlier this year but have fallen to multi-year lows since June.

Prices plunged even further after the Organization of the Petroleum Exporting Countries decided last month against cutting production. OPEC pumps about 30 percent of global crude.

Oil markets gained on Thursday after recent volatility.

US benchmark West Texas Intermediate crude for January delivery jumped $1.76 to $58.23 a barrel, while Brent North Sea crude for February rose $1.97 to $63.15.

The oil market has become increasingly competitive with the surge in production from American shale oil fields.

Analysts have said OPEC is content to see shale oil producers — and even some OPEC members — suffer from low prices rather than reduce output to boost prices.

OPEC last month reaffirmed its production ceiling of 30 million barrels per day, of which Saudi Arabia is pumping about 9.6 million bpd.

The drop in oil prices sparked turmoil this week on global stock markets where investors were concerned about the effect on oil firms as well as the crude-dependent economy of Russia.

United Arab Emirates Oil Minister Suhail Al-Mazrouei said in Abu Dhabi that OPEC had not contributed to the increase in crude supply “and is not logically responsible for curbing the impact” of it.

He pleaded for a return to equilibrium between supply and demand “in the interest of the world economy” but added that time and patience would be required.

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