Saudi Arabia not to cut production, oil slump to linger (HBJ)

Photo Courtesy of HBJ

Photo Courtesy of HBJ

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.

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