By Laura Furr
Saudi Arabia will not cut oil production to help shore up prices, an official said at IHS CERAWeek in Houston on Feb. 23, according to Blooomberg.
Ali Al-Naimi, the country’s oil minister, said at the conference that Saudi Arabia does not trust other oil-producing countries to join in on the effort. Instead, he recommended letting the high-cost producers borrow, liquidate or lower costs, according to Bloomberg.