Saudi Arabia’s oil minister Ali Naimi flatly rejected the possibility for output cuts among major producers but said an agreement to freeze output will allow the oil market to rebalance. “There is no sense wasting our time seeking production cuts, they will not happen,” Naimi said at the IHS CeraWeek conference in Houston. “We are not banking on cuts. There is less trust on cuts. So why bother talking about cuts if the marginal cuts will help us?” Freezing production eventually will help rebalance the market as demand rises and inefficient suppliers exit the market, Naimi said.
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