"HOUSTON — Saudi Arabia’s petroleum minister on Tuesday ruled out the possibility that a recently announced oil production freeze by several countries might lead to cuts to reverse the plunge in oil prices.
“There is no sense wasting our time seeking production cuts,” Ali bin Ibrahim al-Naimi told energy executives at the annual IHS CERAweek conference. “That will not happen.”
Mr. Naimi’s comments put further pressure on oil prices. The price of West Texas intermediate crude oil, the United States benchmark, turned sharply lower after his remarks and settled at $31.87, down more than 4 percent."
Clifford Krauss reports for the New York Times February 23, 2016.
SEE ALSO:
"With Some Tar Sands Oil Selling at a Loss, Why Is Production Still Rising?" (InsideClimate News)
"Saudi-Russia Oil Deal Can't Stop Biggest Bull Exodus in 7 Months" (Bloomberg)
"Goldman Sachs Says 40% of Its Oil, Gas Lending to Junk Firms" (Bloomberg)
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