Minister Ali al-Naimi drives home the message at Houston conference
Thu, Feb 25, 2016 - 5:50 AM
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".