Saudi Arabia Says ‘Why Should I Cut Production?’ as Crude Falls

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SHAFAQNA – Saudi Arabia’s oil minister indicated the nation isn’t planning to cut production even as crude fell to its lowest since 2009. “Why should I cut production?” asked the minister, Ali Al-Naimi, who spoke to reporters as he attended United Nations global warming talks in Lima, Peru. “You know what a market does for any commodity. It goes up and down and up and down.”

The nation, the biggest producer in the Organization of Petroleum Exporting Countries, supplied 9.6 million to 9.7 million barrels a day last month. Brent crude futures in London fell below $65 a barrel for the first time since 2009 today.

“This is a market and I’m selling in a market. Why should I cut?,” Naimi said. Asked if the market will correct itself, he said “that is what markets do.”

Asked if he was worried about the market, he said, “do I look worried?”

Source : http://www.bloomberg.com/

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