Business Insider: Saudi Arabia`s oil minister told fellow OPEC members they must combat the U.S. shale oil boom, arguing against cutting crude output in order to depress prices and undermine the profitability of North American producers.
Ali al-Naimi won the argument at Thursday`s meeting, against the wishes of ministers from OPEC`s poorer members such as Venezuela, Iran and Algeria which had wanted to cut production to reverse a rapid fall in oil prices.
They were not prepared to offer big cuts themselves,...