The country does not intend to change its production schedule before a meeting of the Organisation of the Petroleum Exporting Countries (OPEC) in December, Khalid al-Falih, chairman of state-owned oil company Saudi Aramco told the newspaper.
"The only thing to do now is to let the market do its job," al-Falih said. "There have been no conversations here that say we should cut production now that we’ve seen the pain," he said, according to the Financial Times.
Falih believes the market has "over-reacted" to the low oil price but will re-balance next year and prompt growth in demand. However, he warned that the price of oil could rise once that demand grows because some projects have been cancelled and investment cut in light of the current low price, the report said.
The International Energy Agency said in August that global demand for oil is expected to grow by 1.6 million barrels a day (mb/d), the fastest pace for five years, due to economic growth and to consumers responding to lower oil prices.
In May, however, research said that the fall in oil prices has led to the cancellation or delay of $100 billion worth of projects by the world's energy companies. Royal Dutch Shell, BP, ConocoPhillips and Statoil are among companies who have made moves to cut spending on 26 major projects worldwide, the research said.