OPEC won't cut output even at $20 a barrel: Saudi [View all]

[Bosonic]

Source: AFP

Riyadh (AFP) - OPEC will not cut oil production even if the price drops to $20 a barrel and it is unfair to expect the cartel to reduce output if non-members do not, Saudi Arabia said.

"Whether it goes down to $20 a barrel, $40, $50, $60, it is irrelevant," the kingdom's Oil Minister Ali al-Naimi said in an interview with the Middle East Economic Survey (MEES), an industry weekly.

In unusually detailed comments, Naimi defended a decision by the Organization of the Petroleum Exporting Countries, whose lead producer is Saudi Arabia, last month to maintain a production ceiling of 30 million barrels per day.

The decision sent global crude prices tumbling, worsening a price drop that has seen them fall by around 50 percent since June.

Read more: http://news.yahoo.com/opec-wont-cut-output-even-20-barrel-saudi-103354846.html