Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi.

Petroleum and Mineral Resources Minister Ali Al-Naimi believes economic producers will prevail over higher-cost suppliers and OPEC’s share of the market will rise, India’s Economic Times newspaper reported on its website.

In comments suggesting Saudi Arabia, is sticking to its policy of defending market share rather than supporting prices, Al-Naimi told the paper the drop in oil prices was less of a problem than fluctuations.

“The world needs a reliable, sustainable supply. Best way to do it is to make sure that demand and supply should be equal, so there will not be fluctuation of price. The biggest problem for everybody, producer and consumer today, is fluctuation — the ups and downs,” he was quoted as saying.

Referring to reports that the number of drilling rigs deployed by US shale producers is falling, Al-Naimi said: “Eventually, economic producers will continue to prevail,” the paper reported.

Al-Naimi disagreed with analysts who believe OPEC’s market share would fall further, the paper reported. “On the contrary, OPEC’s market share will be higher,” he said.