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Page added on February 18, 2016
Saudi Arabia ‘not prepared’ to cut oil production
Saudi Arabia is “not prepared” to cut oil production, Agence France-Presse reported, quoting the Saudi foreign minister Adel al-Jubeir.
“If other producers want to limit or agree to a freeze in terms of additional production that may have an impact on the market but Saudi Arabia is not prepared to cut production,” al-Jubeir told AFP in an interview.
“The oil issue will be determined by supply and demand and by market forces. The kingdom of Saudi Arabia will protect its market share and we have said so.”
Oil prices rose more than 14 percent over the last three days after a plan by Saudi Arabia and Russia, endorsed without commitment by Iran on Wednesday, to freeze oil output at January’s highs.
The Saudi-Russian production freeze plan, also joined by Qatar and Venezuela, is the first such deal in 15 years between the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members.
Iran’s Oil Minister Bijan Zanganeh had welcomed the plan on Wednesday without committing to it.
5 Comments on "Saudi Arabia ‘not prepared’ to cut oil production"
Plantagenet on Thu, 18th Feb 2016 6:37 pm
We were already in an oil glut, and then Iran joined the party and started exporting its oil. I expect prices to drop a bit more here.
Cheers!
Truth Has A Liberal Bias on Thu, 18th Feb 2016 8:53 pm
Iran never stopped exporting oil you fucking retard. How fucking stupid are you?
GregT on Thu, 18th Feb 2016 11:22 pm
She isn’t the sharpest tool in the shed Truth.
charmcitysking on Fri, 19th Feb 2016 5:48 am
now now
twocats on Fri, 19th Feb 2016 10:22 am
I can’t believe I’m about to defend Plantagenet, and I’m not an expert here, but didn’t the massive sanctions on Iran LIMIT their exports over the past several years? So wouldn’t the lifting of those sanctions because of the Iran Deal imply that they will be able to increase production and therefore exports? Planty could have said, “Iran will start exporting MORE of its oil” and probably be in the right.
Now plant, go read my response to your stupid WMD angle on the radioactive thread, and I’ll wait on your apology.