Saudi Arabia has ruled out a deal by major producers to cut oil output and warned high cost operators such as US shale drillers to trim costs or go bust, in a stark message that triggered fresh pressure on crude prices.
Saudi oil minister Ali al-Naimi said a lack of trust between the world’s biggest producers meant a cut in production “is not going to happen”. He said the kingdom would instead push for a co-
ordinated production freeze to help balance a market swamped with an excess of crude which has taken oil prices to their lowest level in more than a decade.
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