Saudi Arabia would be willing to work with other producers but won't balance market alone - Aramco chairman

Comments from Saudi Arabia's state-owned oil company:

• Saudi Arabia will not accept role of balancing structural imbalance in market alone
• It was inevitable to let the oil market balance itself

We're left with the same conundrum. The Saudis are willing to cut production only if all the major producers follow suit but there's no way others will play along.

More on the oil market from a Nigerian official

• OPEC needs meeting earlier than June