Saudi Arabia said on Sunday that it would not cut output in order to prop up oil markets even if non-OPEC nations did so, it said this in one of the toughest signals yet that the world’s top petroleum exporter plans to ride out the market’s biggest slump in years. Reuters report:
Referring to countries outside of the Organization of the Petroleum Exporting Countries (OPEC), Saudi Oil Minister Ali al-Naimi told reporters: “If they want to cut production they are welcome: We are not going to cut, certainly Saudi Arabia is not going to cut.”
He added he was “100 percent not pleased” with prices but they would improve, although it was unclear when.
He blamed the fall in prices to half their levels of six months ago on speculators and what he called a lack of cooperation from non-OPEC producers.
His remarks at a conference in Abu Dhabi marked the second time in three days that the kingdom has signaled that it would not alter output levels, preferring to allow the market to stabilize on its own.
The determined tone of his comments was echoed by some other Arab oil ministers at the conference in the United Arab Emirates (UAE) capital.