Saudi Arabia 'not Prepared' To Cut Production: AFP

Saudi Arabia's foreign minister on Thursday said the country is "not prepared" to cut oil production, Agence France-Presse reported. The remarks come after the world's top oil producer reached a tentative agreement with Russia earlier this week to freeze production at current levels if other producers went along. Iran on Wednesday welcomed the pact but didn't indicate it would comply. "If other producers want to limit or agree to a freeze in terms of additional production that may have an impact on the market but Saudi Arabia is not prepared to cut production, Finance Minister Adel al-Jubeir said. Brent crude for April delivery on London's ICE exchange was down 25 cents, or 0.7%, at $34.25 a barrel, while March West Texas Intermediate crude was up 13 cents, or 0.4%, at $30.79 a barrel.