REUTERS
Saudi Minister of Petroleum and Mineral Resources Ali Al-Naimi has said Saudi Arabia will not cut production by itself in order to support the oil market, sparking fresh falls in oil prices.
"We tried, we held meetings and we did not succeed because countries [outside OPEC] were insisting that OPEC carry the burden, but we refuse to let OPEC bear the responsibility," Naimi said.
Asked if it was possible for the price to return to the highs of $100 per barrel that it enjoyed in recent years, Saudi Arabia's OPEC representative Mohammed al-Madi replied: "I think it would be difficult."
Madi also denied that Saudi Arabia was allowing the price of oil to fall for political reasons, the BBC reports.
“I think it would be difficult to reach $100-120 again… We understand that all countries need higher incomes… [and] we want higher incomes, but we want higher incomes for us and future generations,” Madi said at an energy conference in the Saudi capital Riyadh.