Saudis Put Condition for Oil Output Cut

Saudis Put Condition for Oil Output CutSaudis Put Condition for Oil Output Cut

Saudi Arabia would only consider cutting production if other countries, including non-OPEC producer Russia, joined in limits, former Saudi intelligence chief Prince Turki bin Faisal said.

"The Kingdom is not going to give up market share at this time for anybody and allow producers whether in Russia, Nigeria, Iran and other places to sell to Saudi customers because we cut our production," Prince Turki told Reuters during a visit to London.

Prince Turki said the Kingdom had accumulated sufficient financial reserves over recent years to finance requirements even if oil prices fell. "I see no immediate crisis for Saudi Arabia in the coming couple of years or so," he said.