Oil drops 4% after Saudi oil minister rules out production cuts

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Oil prices fell 4 per cent on Tuesday after Saudi Oil Minister Ali Al-Naimi ruled out any production cuts, restating the kingdom's rationale for maintaining output was that demand would absorb excess crude that has crushed prices over the past 20 months.

Big oil exporters Saudi Arabia and Russia have proposed to freeze output at January levels, which were near record highs, only if other producers also do the same.

Analysts and traders remain skeptical that the freeze will be effective in rebalancing the market.

"Saudi Arabia is going to continue pumping - that's the bottom line," said Tariq Zahir, managing member of Tyche Capital Advisors in Laurel Hollow, New York. "The level of trust is not there to implement cuts.".

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