Al-Naimi: Oil prices are always volatile

Al-Naimi: Oil prices are always volatile
Updated 14 April 2016
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Al-Naimi: Oil prices are always volatile

Al-Naimi: Oil prices are always volatile

RIYADH: Petroleum and Mineral Resources Minister Ali Al-Naimi appeared to rule out cutting Saudi Arabia’s oil production in remarks published Wednesday, days ahead of a producers’ meeting aimed at propping up crude prices.
Asked about the Kingdom’s position on reducing output, Al-Naimi said: “Forget about this topic,” Al-Hayat daily reported on its website. “Oil prices are always volatile,” he said.
OPEC members and non-OPEC producers will meet Sunday in Doha to discuss freezing production at January levels.
Saudi Arabia’s production in March remained almost at the same levels as in January.
Iran has said it will not join a freeze as it is still ramping up production following the lifting of nuclear-linked sanctions in January.
Oil futures traded lower on Wednesday on concerns that the Doha meeting to discuss freezing output will do little to trim oversupply as well as a strengthening dollar.
Brent crude was down 35 cents at $44.34 per barrel at 1328 GMT. It hit a four-month high in the previous session before settling up $1.86.
US crude declined by 46 cents to $41.71 a barrel after gaining $1.81 a day earlier.