"We will be more subtle in our approach and may gradually increase output," Qamsari said. "I have to say that there is no room to push prices down any further, given the level where they are."

Iran, which holds the world’s largest gas reserves, was aiming to double its gas production in the next 30 months and to raise its share of global cross-border gas trade from a minuscule one per cent at present to ten per cent at some unspecified future date. In production terms, this means increasing output from 172.6 bcm in 2014 (five per cent of the total world output) to around 350 bcm in 2018-19.

The changes come at a difficult time for the Saudi kingdom, which is still adjusting to last year's leadership transition while also facing pressure from regional rivals like Iran.