OPEC leader vows to stand firm even if oil hits $20

Saudi oil minister Ali al-Naimi, the most significant voice in the OPEC cartel, has said the group will not cut production even if the price of oil falls to $20 a barrel.

In a further sign the cartel's leading members have abandoned its philosophy of cutting production in order to prop up prices, Naimi struck an uncompromising tone in an interview with the Middle East Economic Survey. “It is not in the interest of OPEC producers to cut their production, whatever the price is,” he said. “Whether it goes down to $20, $40, $50, $60, it is irrelevant.” Naimi added oil may never again reach the $100 a barrel level at which it has traded for most of the post-financial crisis era. The oil price has almost halved since June as increased supply, competiti...