Saudi Aramco chairman: Oil prices below $30 are irrational

Saudi Aramco chairman: Oil prices below $30 are irrational

Saudi Arabia would not cut supplies unilaterally or make way for rival produce, Saudi Aramco chairman Khalid Al-Falih said. He described the drop in oil prices below $30 a barrel as irrational.

"The market has overshot on the low side and it is inevitable that it will start going up," Khalid al-Falih said.

"If prices stay low we will be able to withstand it for a long time. Obviously we don’t hope for it," the Financial Times cited him as saying.

Saudi Arabia has repeatedly stated that it will not reduce the production of hydrocarbons to boost oil prices, RBC reminds.

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