The world’s largest crude oil exporter, Saudi Arabia, vowed to pump as much oil as its customers need on Wednesday.
The comments came from Oil Minister Ali al-Naimi on Wednesday, indicating that the country doesn’t plan on cutting supply, unless customers refuse to buy the oil, Bloomberg reports.
{mosads}The international benchmark of crude oil fell 61 percent from June to January in the last year.
The steep drop in oil prices has put a squeeze on U.S. producers at a time when the nation produced the most oil in three decades.
On Wednesday, Brent crude fell .7 percent to $60.61 per barrel.