Saudi Arabia has ruled out a deal by major producers to cut oil output and warned high-cost operators such as US shale drillers to trim costs or go bust in a stark message that triggered fresh pressure on crude prices. Saudi oil minister Ali al-Naimi said a lack of trust between the world’s biggest producers meant a cut in production “is not going to happen”. He said the kingdom would instead push for a co-ordinated production freeze to help balance a market swamped with an excess of crude which has taken oil prices to their lowest level in more than a decade. “There is less trust than normal,” Mr Naimi told energy executives in Houston. “Not many countries are going to deliver. Even if they say they will cut production, they will not deliver.” Internationally traded Brent crude dropped $1.33 a barrel to $33.35 after Mr Naimi’s remarks on Tuesday, while the US marker slid $1.54 a barrel to $31.85. The minister was speaking at an annual conference of US energy industry leaders and companies whose prolific exploitation of shale deposits helped topple oil prices, wreaking havoc on the economies of oil-rich countries. In the absence of co-ordinated action, Mr Naimi said balancing supply and demand should be left to the market.