Saudi oil minister Ali al-Naimi: We’ll never cut production despite plunging prices thumbnail The Saudi Arabian Minister of Petroleum and Mineral ResourcesAli al-Naimi has declared that the country will “never” cut oil production despite prices hitting five and a half year lows on over-supply and weak demand. Al-Naimi added in a CNN interview that Saudi Arabia was also “not conspiring” to target US and Russian oil producers by not cutting supply and that it was too late for non-Organisation of the Petroleum Exporting Countries (Opec) members to offer any cuts. Saudi Arabia will not cut prices, neither now nor ever in the future, he said. “These rumours or whoever generated them, is completely mistaken. I was the first minister to welcome the production and addition of shale oil in 2008 and 2009, in Washington, why? Because it would give better stability and assurance to the world that peak oil, is a theory now […]