Navigation
Suscribe
Menu Search Facebook Twitter
Search Close
Menu ALL SECTIONS
  • Capital Coahuila
  • Capital Hidalgo
  • Capital Jalisco
  • Capital Morelos
  • Capital Oaxaca
  • Capital Puebla
  • Capital Quintana Roo
  • Capital Querétaro
  • Capital Veracruz
  • Capital México
  • Capital Michoacán
  • Capital Mujer
  • Reporte Índigo
  • Estadio Deportes
  • The News
  • Efekto
  • Diario DF
  • Capital Edo. de Méx.
  • Green TV
  • Revista Cambio
Radio Capital
Pirata FM
Capital Máxima
Capital FM
Digital
Prensa
Radio
TV
X
Newsletter
Facebook Twitter
X Welcome! Subscribe to our newsletter and receive news, data, statistical and exclusive promotions for subscribers
Business

Oil Prices Drop After Saudi Arabia Rules Out Production Cuts

Saudi Arabia will not reduce oil production and the market should adapt to their low prices from now on

BRASIL ESTUDIA MAYOR PARTICIPACIÓN EXTRANJERA EN RESERVAS DE CRU
2 years ago

Oil prices dropped after Saudi Arabia, the largest exporter in the world, ruled out production cuts and industry data showed a higher accumulation in the crude oil inventories of the United States.

Alí Al-Naimi, oil minister of Saudi Arabia, announced that his country will not reduce oil production and said that the market should adapt to their low prices from now on.

“Reducing low-cost production, such as that of Saudi Arabia, in order to subsidize more expensive supplies would only delay an inevitable adjustment in prices,” said Al-Naimi during the IHS CERAWeek international energy conference, held annually in Houston, Texas.

The proposal of Rusia and Saudi Arabia, also joined by Venezuela and Qatar, to freeze production at the levels they had las January, was described as “ridiculous” by the government of Iran.

Iran, the country with the fourth largest oil reserves in the world, has re-entered the world market after the sanctions against it, imposed over its disputed nuclear program, were lifted after reaching an agreement with the international community.

Meanwhile, the American Petroleum Institute of the United States announced an increase of 7.1 million barrels in the U.S. crude oil stocks for the week which ended on Feb. 19.

Comments Whatsapp Twitter Facebook Share
More From The News
Business

Snow disrupts road, air travel in Englan ...

2 days ago
Business

German intelligence warns of increased C ...

2 days ago
Living

Pope urges nuclear disarmament, climate- ...

2 days ago
Latest News

Snow exits South, marches toward Northea ...

3 days ago
Most Popular

Dutch town tests driverless buses

By The Associated Press
Business

Up to 90 Million More Takata Airbag Infl ...

By The Associated Press
Business

Facebook launches "Reactions" worldwide

By The News
Business

Meade: Poverty is the Greatest Challenge ...

By Lázaro González
Business

Cuba to Lift Penalty on Dollar but Warns ...

By The Associated Press
Business