Saudi says able to overcome temporary oil income fluctuations

The Saudi Arabia's cabinet affirmed on Monday that the country's economy is capable of bearing temporary fluctuations of oil income and considered them as normal, Saudi Press Agency reported.

The cabinet in its weekly session referred to the dropping of oil prices in the international market as "incidental problems," and emphasized that the country will continue its balanced policy between oil and non-oil revenues.

Meanwhile, the country denied on Sunday that his country conspired to bring down oil prices in order to harm other countries and stressed confidence that the oil market would stabilize.