Saudi Arabia Won’t Cut Oil Production To Boost Prices

Saudi Arabia will not cut oil production to boost depressed prices, a reversal in the Kingdom’s usual policy of moderating supply to control prices and sending a strong message about the Organization of the Petroleum Exporting Countries’ (OPEC) strategy for dealing with a slumped oil market. Saudi Minister of Petroleum and Mineral Resources Ali al-Naimi told reporters on Sunday that even if non-OPEC countries cut production, Saudi Arabia will not follow them, Reuters reports.

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