Oil Slumps Below $32 After Saudi Oil Minister Warns “Can Coexist With $20 Oil”

by Tyler Durden
ZeroHedge.com
02/23/2016

It appears oil traders are disappointed with Al-Naimi’s comments. Suggesting hopefully (for some) that the ‘freeze’ is the start of a process, al-Naimi then dropped the tape-bomb:

*SAUDI ARABIA WON’T CUT OIL PRODUCTION: NAIMI
*HIGH-COST PRODUCERS MUST LOWER COSTS OR LIQUIDATE: NAIMI

He then added that “not all the countries will freeze; The ones that count will freeze.” WTI Crude (April) front-month futures have erasd yesterday’s gains.

The Rest…HERE

This entry was posted on Tuesday, February 23rd, 2016 at 12:18 pm and is filed under Economics, Oil. You can follow any responses to this entry through the RSS 2.0 feed.