Saudi Arabia: We'll Never Cut Oil Production -- CNN
Saudi Arabia has a tough message for oil producers hurting from the price crash: We'll never cut our output.
In an exclusive interview with CNN, Saudi oil minister Ali al-Naimi also said he wasn't conspiring to take out rival producers by driving down the price.
"These rumors or whoever generated them, is completely mistaken," he said.
U.S. crude prices have slumped by nearly 50% in six months, the sharpest fall for many years.
That has unsettled stock markets, accelerated a financial crisis in Russia, raised the risk that Venezuela will default and forced some U.S. producers to shed jobs and scale back investment.
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