- Oil is tumbling once again after Saudi Arabia reiterated it would not unilaterally cut its output to defend prices.
- "We tried, we held meetings and we did not succeed because countries outside OPEC were insisting that OPEC carry the burden and we refuse that OPEC bears the responsibility," said Saudi oil minister Ali al-Naimi at Sunday's energy conference in Riyadh.
- OPEC governor Mohammed al-Madi also commented on the future price of oil at the meeting, saying it would be difficult for oil to reach a range of $100-$120/bbl again.
- Crude futures -2.5% to $45.41.
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