The Brent oil price sank to $45.62 overnight on not much. Indeed, it defied this from the FT:
Saudi Arabia’s veteran oil minister made clear late last year that the kingdom would no longer prop up the oil market, saying it was tired of cutting output to guarantee $100 a barrel for high-cost rivals.
Ali al-Naimi added that even if oil “goes down to $20” Opec’s largest producer would not change course.
