Saudi Arabia rules out oil production cut – El Universal (Venezuela)

  THE UNIVERSAL
 

Tuesday February 23, 2016 2:28 PM

Houston .- the oil minister of Saudi Arabia, Ali Al-Naimi, ruled Tuesday cut production of crude oil and asked business executives energy “stand united” against the worst industry slump in decades, expressing support for the efforts to reduce freeze pumping excessive global supply.

After a speech in which broadly repeated the arguments his country to maintain production despite falling prices, the minister said at a conference in Houston, United States, hoped that “most countries” sign the interim pact supplies, possibly at a meeting in March, reviewed Reuters news agency.

the agreement to freeze oil pumping was announced after an unexpected meeting between Saudi Arabia, Russia, Venezuela and Qatar a week ago. “It’s the beginning of a process,” he said, reiterating comments made by other officials in the Persian Gulf last week.

However, on Tuesday warned that an agreement could lead to a reduction in production, which reached record levels in some countries last month.

“I am sure that the freeze will give some hope to people in the market, that something will happen and it will happen, but we are not counting on cuts because there is less confidence, “he said.

” we have not declared war on shale or any country or enterprise, contrary to all the rumors, “said Naimi in his speech.

said he is doing “what every other industry representative in this room is doing: meet the challenging market conditions looking for the best possible solution in a highly competitive environment.”

Naimi also he reiterated its position that Saudi Arabia is ready to meet customer demand, to maintain a cushion of spare capacity and remains ready to act together with other producers to create a stable oil market.