Saudi Oil Minister: Production Cut ‘is Not Going to Happen’

Low oil prices will be a fixture of the world economy for at least the next year, as the big oil producers inside OPEC show zero appetite to rethink their 2014 decision to pump with abandon and let the market sort winners from losers. Saudi Arabian Oil Minister Ali al-Naimi told an industry conference in Houston Tuesday that a cut in production “is not going to happen.” Instead, he said, low prices will themselves drive out “inefficient and uneconomic” producers from the market, slowly bringing some balance to an oil market that remains badly out of whack.

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