Saudi Arabia refused to cut oil production


The Foreign Affairs Minister of Saudi Arabia Adel al-Jubeir said that his country “is not ready” to cut oil production.

“If other oil producers want to limit, or cut (oil production) in regard to additional volumes, this might influence the market, but Saudi Arabia is not ready for that,” – he said.

According to al-Jubeir, “the Kingdom will protect its market share, and we declared that earlier”.

As reported by AFP, the Minister stressed that “for the oil, only demand, supply, and market mechanisms define game rules”.

Earlier this week Saudi Arabia, Russia, Venezuela, and Qatar agreed on “freezing” oil production at January’s volume. Kuwait and United Arab Emirates also expressed their readiness to support the agreement.

Source: Rosbalt