Saudi Oil Minister – Market intervention is ineffective

Saudi Oil Minister Khalid A. Al-Falih, while talking to CNBC, said Saudi Arabia will allow the free market to complete the supply rebalancing act.

"History has demonstrated that intervention in response to structural shifts is largely ineffective, and I believe we in the organization have learned that lesson. That's why Saudi Arabia does not support OPEC intervening to alleviate the impacts of long-term structural imbalances," Al-Falih said.