If you're hoping that Saudi Arabia will save the world oil market - forget.
The president of the national oil company, Saudi Aramco, said at the World Economic Forum in Davos that the country has no plans to cut production, and thereby give up its share of the global market in order to boost oil prices.
"We are not going to reduce production in order to give way to our competitors," - said Khalid al-Falih in an interview with CNN.
Saudi Arabia is the second largest producer in the world's top oil exporter. "We deserved this title ... and not to give it the title of the other", - he added.
President of Saudi Aramco said that in the past, Saudi Arabia has played the role of "reserve bank" in the oil market, smoothing out all the short-term shocks. The country has contributed to the stabilization of the market during the financial crisis, as well as civil strife and wars in the oil-producing regions.
But now the country will not intervene in the market to reduce the oversupply and thus push prices to rise.
"If this is short-term changes, and if the other producing countries are willing to cooperate, Saudi Arabia is also ready for action" - said Khalid al-Falih.
Saudi Arabia has paid a high price for the collapse of the oil market. Against the backdrop of falling public revenues, the government has adopted a series of austerity measures, and even raised the price of gasoline by 50%.
"We are able to exist at low oil prices over a very long period of time ... All the same, although it is unlikely to expect that prices will soon rise," - he said.