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Saudi Arabia Reiterates No Cut To Output

Blaming the fall in oil prices on speculators and the lack of cooperation from non-OPEC producers, Saudi Arabia has announced that it would not cut output even if non-OPEC nations did so.

"If they want to cut production they are welcome: We are not going to cut, certainly Saudi Arabia is not going to cut," says Saudi Oil Minister Ali al-Naimi.

His remarks at a conference in Abu Dhabi were echoed by some other Arab oil ministers, including UAE Oil Minister Suhail Bin Mohammed al-Mazroui, who urged all of the world's producers to quickly stabilize prices by not raising their oil output next year