Saudi Oil Minister Rules out Crude Output Cut

Saudi oil minister Ali al-Naimi ruled out a crude output cut in comments made to Saudi-owned al-Hayat newspaper published on Wednesday.

“Forget about this topic,” he told the paper, when asked about any possible reduction in his country’s production.

Leading oil producers, including Saudi Arabia, will meet in Qatar on Sunday to discuss an output freeze to support oil prices.

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Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.