Saudi Aramco’s Chairman Khalid al-Falih said on Sunday that the company has no plans to cut oil production and he foresees the oil market rebalancing in 2016, reported Reuters.

“The only thing to do now is to let the market do its job. There have been no conversations here that say we should cut production now that we’ve seen the pain,” Falih explained.

He described oil at 0 a free of charge insurance policy provided by Saudi Arabia that allowed shale and deep-sea oil producers to flourish.

“$100 oil was perceived as a guarantee of no risk for investment,” he said, adding that the free of charge insurance policy “does not exist any more”.

“The market has overreacted as it typically does in such down-cycles. Now everyone is running to the exit and projects are being canceled. That’s necessary, but what will happen five to 10 years from now? Investment is needed. Hopefully, however, there will be enough investment to meet the needs beyond 2017,” Falih said.

In related news, Trade Arabia cited Mohammad bin Hamad Al Rumhy, Oman’s oil minister, as saying that his country was looking at ways to cut costs due to low oil prices.

He insisted, however, that they would not cut projects.

Reuters also quoted him as saying bets on an price recovery might be too optimistic and the low price environment might govern the markets for many more years to come.

“This is a man-made crisis and it is highly irresponsible,” said Al-Rumhy, adding that low oil prices are also deterring oil majors from investing into new projects, including in the Middle East.

“Try to convince Total to invest, try to convince Schlumberger to research”, he explained.