Saudis Suggest No Need for OPEC Output Cut

November 26, 2014 3:30 PM

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Saudis Suggest No Need for OPEC Output Cut

Saudi Arabia's oil minister is suggesting there is no need for OPEC to cut output despite a major fall in prices that has some other cartel members hurting.

Ali Naimi said Wednesday he expects the oil market to eventually "stabilize itself." That suggests the Saudis, who effectively determine OPEC's policy as its top producer, will not back any calls for reducing output by other nations at Thursday's oil ministers' meeting.

Also read: Non-OPEC Said to Join OPEC in First Global Cut in 15 Years

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