RealNews

Saudis signal support for OPEC cut

Saudi Arabia threw its support behind OPEC’s proposed 1 million barrels-a-day production cut Thursday, giving a jolt to oil prices. “We will try to make the market balanced,” Saudi oil minister Ali Naimi said, ending two weeks of silence from the world’s largest oil producing nation. Naimi’s statement came as the cartel’s oil ministers gathered in the capital of Qatar for emergency talks on cutting output after a price decline of more than 25 percent since mid-July. Full Story

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