Oil price to fall as Saudi Arabia resists cut: report

MILAN (Reuters) – The price of oil will probably keep falling as long as Saudi Arabia resists pressure from other OPEC member states to cut production, according to the country’s former oil minister.

Sheikh Ahmed Zaki Yamani told Italian daily Corriere della Sera in an interview published on Tuesday member states that were only interested in keeping the price high had already cut production.

“They are already under their quota, so a cut (that would make a difference to the price) must above all come from Saudi Arabia,” he said.

Asked if Iran and Venezuela were among those pushing for a cut, he said: “Also Libya, Algeria and even Nigeria.”

Reuters