You are here

Saudi Arabia to US oilmen: cut costs or get out

Minister Ali al-Naimi drives home the message at Houston conference
Thursday, February 25, 2016 - 05:50

The harsh medicine advocated by Mr al-Naimi is already affecting the wellhead. In North Dakota, production from the Bakken formation suffered its first year-on-year drop in a decade in September.


THE world's most powerful oilman brought a harsh message to Houston for executives hoping for a rescue from low prices: high-cost producers - many of them sitting in the room - need to either "lower costs, borrow cash or liquidate".

For the thousands of executives attending

Market voices on:

Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at

Powered by GET.comGetCom