Chairman of the Board of Directors of Saudi Aramco, Khalid al-Falih said that his country is still willing to work with other producers to adjust the crude market.

He said al-Faleh, speaking at the annual meeting of the World Economic Forum meeting in Davos that he believed that oil prices have fallen too much and it will begin to recover.

"If there was a short-term changes should be carried out and if the other producers are willing to cooperate, Saudi Arabia would be willing to cooperate," he said. "But Saudi Arabia will not play today adjusts winning the structural imbalances on its own."

He said that it is likely that oil prices will rise at the end of the year from current levels.

He said that the market is overly retreat must begin to rise, adding: "I bet it will be higher than today by the end of the year."

"If low prices continue, we will be able to carry around for a long time."