Saudi Oil Minister Ali al-Naimi told reporters on Sunday that OPEC will not decrease production below the current level of 30 million barrels per day. And to those countries outside of OPEC that want to decrease output, he was quite direct: go ahead.
“If they want to cut production they are welcome: We are not going to cut, certainly Saudi Arabia is not going to cut.”
According to Reuters, al-Naimi did not credit the current slump in oil prices to increased U.S. production or decreased global demand. Instead, “He blamed the fall in prices to half their levels of six months ago on speculators and what he called a lack of cooperation from non-OPEC producers.”