CNBC | Oil drops 4% after Saudi oil minister rules out production cuts CNBC Oil prices fell as much as 5 percent on Tuesday after Saudi Oil Minister Ali Al-Naimi ruled out any production cuts, restating the kingdom's rationale for maintaining output was that demand would pick up excess crude that has crushed prices over the ... Oil drops 4 percent after Saudi oil min rules out production cuts Oil falls after Saudi minister says country won't cut crude production Oil Prices Drop as Hopes Dim for Production Freeze |