Bank Of Baku

Saudi Oil Minister: “OPEC oil output will not be cut even if price hits $20”

Saudi Oil Minister: “OPEC oil output will not be cut even if price hits $20”
# 24 December 2014 09:17 (UTC +04:00)

Baku – APA-Economics. “Opec will not cut production even if the price falls to $20 a barrel”, Speaking to the Middle East Economic Survey, Saudi Arabia's oil minister, Ali al-Naimi,

 

“It is not in the interest of Opec producers to cut their production, whatever the price is. The world might not see the oil price back at $100 a barrel again”, he added.

 

Mr al-Naimi said that if Saudi Arabia cut production ‘the price will go up and the Russians, the Brazilians, US shale oil producers, will take my share’.

 

 

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