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Saudi Arabia to US oilmen: cut costs or get out

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

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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...

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