OPEC can’t cut oil production alone to stabilize market: former Saudi Arabian energy minister

OPEC can’t cut oil production alone to stabilize the market, according to the former Saudi Arabian energy minister who masterminded the pump-at-will policy the group adopted two years ago. “I don’t think OPEC by itself should cut,” Ali Al-Naimi, who for two decades was arguably the world’s most influential oil official until he retired in May, told a Chatham House event in London. While Al-Naimi stood by the November 2014 decision when Saudi Arabia led OPEC to keep pumping, triggering a price collapse, he said the situation has changed somewhat as other producers, including Russia, are talking to the group about coordinated cuts.