25.02.2016 - Oil price: 'we can live with $20 a barrel,' says Saudi Arabia
There will be no short-term resolution to the current oil glut in the form of coordinated production cuts, Saudi Arabia's oil minister has warned. In comments at an industry conference in Houston that sent the oil price spiralling lower, Ali al-Naimi stated categorically that a cut in supplies "is not going to happen", reports the Financial Times. International benchmark Brent crude fell from above $34.50 yesterday afternoon to below $33 this morning on the news. The market had hoped this month's tentative deal to freeze output - struck between Saudi Arabia and Russia, among others - would eventually lead to a more definitive tightening of the spigot...............................................Full Article: Source
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