MEES Interview With Ali Naimi: ‘We May Not’ See $100/B Again

The following is an abridged and edited version of the full MEES interview with Ali Naimi issued on 22 December:

> Will Saudi Arabia not cut production if the Russians do not cut?

> First of all, why did we decide not to reduce production? I will tell you why. Is it reasonable for a highly efficient producer to reduce output, while the inefficient producer continues to produce? That is crooked logic. If I reduce, what happens to my market share? The price will go up and the Russians, the Brazilians, US shale oil producers will take my share.

> So this is a policy to defend market share?