Aramco Says Saudis Won’t ‘Singlehandedly’ Balance Oil Market

Saudi Arabia won’t balance global crude markets by itself even as prices fall “too low for everybody” and threaten investment needed to satisfy long-term demand, the head of Saudi Arabian Oil Co. said.

The world’s biggest oil exporter, Saudi Arabia has the most spare capacity in OPEC and has historically played the role of swing producer, cutting its output to raise prices and pumping more barrels to lower them. Oil prices have dropped 54 percent in the past year as rising production from the U.S. and Russia helped global output exceed demand.