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Originally Posted by jjchieffan
Well, gas has jumped 20 cents here since the Saudi's said they might freeze production, but only if everyone else does. Lol. Daily production hasn't been frozen yet and likely won't be, not that freezing it is enough anyway. Daily production is close to 1 million bpd excess. Oh well. Gas is still cheap, and when people realize that Saudi words aren't going to help, the price will plummet again.
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They're not cutting now. They said if it has to go to $20 then it will.
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HOUSTON — Saudi Arabia’s petroleum minister on Tuesday ruled out the possibility that a recently announced oil production freeze by several countries might lead to cuts to reverse the plunge in oil prices.
“There is no sense wasting our time seeking production cuts,” Ali bin Ibrahim al-Naimi told energy executives at the annual IHS CERAweek conference. “That will not happen.”
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