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Saudi Oil Minister: Production cut will not happen

by ChemOrbis Editorial Team -
  • 24/02/2016 (11:05)
According to media reports, Saudi Arabia’s Oil Minister Ali Ibrahim Naimi reported on Tuesday that there will be no cuts in oil production even though they remain hopeful that an output freeze can be agreed upon. The Minister said that oil producers will meet in March to discuss an output freeze, adding that they hope that more oil producers will agree to join a potential deal to freeze output. Previously, Russia’s Minister of Energy reported that discussions on a preliminary deal to freeze oil output by leading oil producing countries should be concluded by March 1.

Naimi stated that an output freeze is the beginning of the process and if all major producers agree not to add additional supply to the market, high inventories are likely to decline in time.

The Minister also refuted claims that Saudi Arabia is refraining from any cut in production to capture more market share, saying that they are simply meeting their customers’ demand.
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