Saudi Arabia says there is “almost no chance” for a cut in oil production by OPEC.
There have been calls for the cartel to slow down in order to raise prices and save the energy industry, according to The Telegraph.
“It’s not going to happen,” said the country’s veteran oil minister Ali Al-Naimi, accusing other major producers of undermining past efforts to stabilize crude prices.
In recent days, Brent crude has been around $33.
In the U.S., JP Morgan warned that losses in energy loans jumped in the first quarter. They claimed they may have to set aside $1.5 billion in reserves if oil stays at $25 a barrel for 18 months.
The statements by the Saudis may be aimed at Russia and Iran, who have supported Syrian President Bashar al-Assad in the civil war. Saudi Arabia wants Assad removed.
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