Saudi Arabian Oil Minister Ali Al-Naimi said on Wednesday he hoped and expected the oil market to balance and prices, which hit a near six-year low in January, to stabilize.

In a speech, he said his country was committed to helping balance the oil market, but added it was not up to Saudi Arabia, Opec's top exporter, to subsidize higher-cost producers and that circumstances required non-Opec nations to cooperate.

"Going forward, I hope and expect supply and demand to balance and for prices to stabilise," Al-Naimi said. "Global economic growth seems more robust."

The comments are a further sign from Naimi of cautious optimism about the market outlook. Last month, Al-Naimi signalled satisfaction with developments, saying he saw oil demand growing and that markets were "calm".

Oil was trading just above $60 a barrel on Wednesday, up more than 30 percent from a near six-year low close to $45 on Jan. 13.

Prices collapsed from $115 in June due to oversupply, in a decline that deepened after Saudi Arabia and the rest of the Organization of the Petroleum Exporting Countries at a November meeting refused to cut output.

At the meeting, Saudi Arabia and its Gulf allies argued that the group needed to ride out lower prices in order to defend market share against shale oil and other competing supply sources, rather than cut output.

Al-Naimi on Wednesday defended Opec's decision and later said Saudi Arabia would not cut its output unless there was less demand from customers.

"In November, Opec made an historic decision, it did not interfere in the market. I think history will prove that this was the correct path forward," he said. – Reuters