You are here

Saudi Arabia to US oilmen: cut costs or get out

Minister Ali al-Naimi drives home the message at Houston conference

BT_20160225_DNCUT25T7Z9_2133785.jpg
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.

Houston

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...

sentifi.com

Market voices on: