As global benchmark oil prices on Wednesday reached lows not seen since the wake of the economic crisis in 2009, Saudi Arabian oil minister Ali al-Naimi responded to reporters’ questions with some of his own. The world’s most important oil minister held his ground reiterating that the oil market will correct itself without Opec interference.

“Why should I cut production?”…“This is a market and I’m selling in a market. Why should I cut?” – Ali al-Naimi speaking to reporters in Lima, Peru as reported by Bloomberg

Front-month crude oil futures closed at $60.98 per barrel WTI and $64.26/bbl Brent today.