Saudi 'rules out' oil output cut ahead of talks

A report says Saudi Arabia is not on board with freezing production

Saudi 'rules out' oil output cut ahead of talks

World Bulletin / News Desk

Saudi oil minister Ali al-Naimi appeared to rule out cutting his country's oil production in remarks published Wednesday, days ahead of a producers' meeting aimed at propping up crude prices.

Asked about the kingdom's position on reducing output, Naimi said: "Forget about this topic," Al-Hayat daily reported on its website, without elaborating.

"Oil prices are always volatile," he said.

Members of the oil-exporting cartel OPEC and non-OPEC producers will meet Sunday in Doha to discuss freezing production at January levels.

Saudi Arabia's production in March remained almost at the same levels as in January.

Iran has said it will not join a freeze as it is still ramping up production following the lifting of nuclear-linked sanctions in January.

Saudi Arabia's deputy crown prince Mohammed bin Salman has said the kingdom, OPEC's top producer, would only freeze output if Iran and other major producers are also on board.

OPEC warned Wednesday in its April report that the world remains awash with crude, but said oil prices rose more than 20 percent in March, continuing a slow recovery from the huge drop of 2014-15.

Güncelleme Tarihi: 13 Nisan 2016, 15:49