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In an interview on Thursday, Saudi Foreign Minister Adel Al Juber said that “If other producers want to limit or agree to a freeze in terms of additional production that may have an impact on the market but Saudi Arabia is not prepared to cut production”.
This comment came after “the big guys” of the Organization of Petroleum Exporting Countries including Saudi Arabia, Venezuela, Qatar agreed to freeze production at current level if other producers, OPEC and non-OPEC members, follow the suit.
The action has contributed to the plunge of crude price as reports from Energy Information Administration showed that U.S. crude stockpiles rose by 2.15 million barrels to 504.1 million in the week ending on Feb 12, the highest level since 1930.
The losses of oil sent the price of energy stocks lower on US market yesterday, and cause the investors to seek for haven assets such as gold and Japanese Yen.