Oil prices drop after Saudi Arabia says it will not cut output alone | Reuters

Oil prices drop after Saudi Arabia says it will not cut output alone | Reuters:



"Oil prices dropped over a percentage point on Monday after Saudi Arabia said over the weekend that the market defined prices and the kingdom would not unilaterally cut its output to defend prices.



Since oil prices started to fall in June 2014, many analysts have expected OPEC's biggest producer to eventually curb its output as it has done many times in the past to support prices.



Yet Riyadh has so far opted to keep its output stable to protect market share against non-OPEC producers such as the United States - where production has soared as a result of the shale exploration boom - and Russia."



'via Blog this'