Saudis suggest no need for OPEC output cut
VIENNA (AP) — Top OPEC producer Saudi Arabia suggested Wednesday there is no need for the cartel to cut its output ceiling despite a plunge in prices that has poorer members of the organization hurting. Saudi Oil Minister Ali Naimi told reporters he expects the oil market to eventually "stabilize itself." That suggests the Saudis, who effectively determine OPEC's production policy, will not back any calls for reducing output by other nations at Thursday's oil ministers' meeting. The global price of oil has fallen 32 percent since late June ...
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