“There is no sense in wasting our time seeking production cuts” – Ali al-Naimi
Saudi Oil Minister Ali al-Naimi

Both U.S. and international benchmark crude tumbled more than 4% this morning after making gains in the last week. The culprit was the comment from Saudi Arabian Oil Minister Ali al-Naimi that production cuts are not coming from OPEC’s largest producer. Hopes that a surprise deal to freeze production among Saudi Arabia, Russia, Qatar and Venezuela might be the first step towards eventual production cuts were overturned as Naimi mad...

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