Crude Oil Deal Comes Undone - Saudi's Tell
Businesses To Go Broke
Saudi oil minister. Ali Al-Naimi said Tuesday producers will hopefully meet in
March to negotiate an output freeze, but production cuts will not happen. Iran also made it clear that it was not interested
in participating in the production freeze proposed last week by Russia and
Saudi Arabia, calling the proposal to freeze output “laughable”.
“This is more
like a joke that they tell us they would freeze their production above 10
million barrels a day and that we should also in turn freeze our
production,” said Iranian oil minister Bijan Zangeneh. U.S. shale oil producers are in sharper focus for
production or operations cuts.
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