Saudi Oil Minister: “OPEC oil output will not be cut even if price hits $20” – “The world might not see the oil price back at $100 a barrel again”

Baku: “Opec will not cut production even if the price falls to $20 a barrel”, Speaking to the Middle East Economic Survey, Saudi Arabia’s oil minister, Ali al-Naimi,

“It is not in the interest of Opec producers to cut their production, whatever the price is. The world might not see the oil price back at $100 a barrel again”, he added.

Mr al-Naimi said that if Saudi Arabia cut production ‘the price will go up and the Russians, the Brazilians, US shale oil producers, will take my share’.

SOURCE: AZERI PRESS NEWS AGENCY