HOUSTON — Saudi Arabia’s oil minister said Tuesday that production cuts to boost oil prices won’t work, and that instead the market should be allowed to work even if that forces some operators out of business.
Ali Al-Naimi said production cuts by big, low-cost producers like Saudi Arabia would amount to subsidizing higher-cost ones — an apparent reference to U.S.
Thank you for reading The Columbian.
Subscribe for only $99/year to get unlimited access.
Your tax-deductible donation to The Columbian’s Community Funded Journalism program will contribute to better local reporting on key issues, including homelessness, housing, transportation and the environment. Reporters will focus on narrative, investigative and data-driven storytelling.
Local journalism needs your help. It’s an essential part of a healthy community and a healthy democracy.
