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Oil Prices Dip as Saudis Say No Need for More OPEC Production Cuts


Oil prices in the United States dipped Tuesday after Saudi Arabia's oil minister said there is no need for further OPEC production cuts.

Ali al-Naimi said in New Delhi that recent OPEC cuts are working well, and a meeting to discuss further cutbacks is unnecessary.

Oil prices fell below $52 a barrel, nearing a 19-month low.

Prices have fallen steadily since the beginning of the year, as mild weather in the western hemisphere has lightened demand.

The fall in prices comes despite the international oil cartel's November production cut of one million barrels per day.

Some information for this report was provided by AP and Reuters.

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