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Opec Leader Vows to Maintain Oil Output Even if Price Hits $20

Oil pump

Saudi oil minister Ali al-Naimi has said that Opec will not cut production even if the oil price falls to $20 a barrel. In an interview, he told the Middle East Economic Survey: 'It is not in the interest of Opec producers to cut their production, whatever the price is. Whether it goes down to $20, $40, $50, $60, it is irrelevant.' Naimi added that the world may never see oil at $100 a barrel again. Jamie Webster, oil analyst at IHS Energy, commented: 'We have entered a scary time for the oil market and for the next several years we are going to be dealing with a lot of volatility. Just about everything will be touched by this.' Meanwhile the IMF has said that a prolonged oil price slump would boost global growth by up to 0.7% in 2015 and 0.8% in 2016. China would be the biggest beneficiary, it predicted.

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