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Saudi Former Oil Minister Says OPEC Can’t Cut Output by Itself

  • Ali Al-Naimi defends 2014 OPEC ‘pump-at-will’ oil policy
  • Former official says non-OPEC countries need to cut output
Bloomberg business news

What's Driving the Drop in Oil Prices?

OPEC can’t cut oil production alone to stabilize the market, according to the former Saudi Arabian energy minister who masterminded the pump-at-will policy the group adopted two years ago.

“I don’t think OPEC by itself should cut,” Ali Al-Naimi, who for two decades was arguably the world’s most influential oil official until he retired in May, told a Chatham House event in London. While Al-Naimi stood by the November 2014 decision when Saudi Arabia led OPEC to keep pumping, triggering a price collapse, he said the situation has changed somewhat as other producers, including Russia, are talking to the group about coordinated cuts.