Saudi Arabia’s oil minister said OPEC wouldn’t budge on its decision not cut production, even if oil hits $20 a barrel. He also said the world may never see $100 a barrel ever again.
“It is not in the interest of OPEC producers to cut their production, whatever the price is,” Ali al-Naimi told the Middle East Economic Survey, a weekly oil and gas publication. Naimi added, “Whether it goes down to $20, $40, $50, $60, it is irrelevant.”
Saudi Arabia is the world’s largest oil producer, and is also the most dominant force in the Organization of the Petroleum Exporting Countries (OPEC).