Weekend oil news: "OPEC won't bear burden of propping up oil price"

Saudi Arabia's oil minister Ali al-Naimi said on Sunday that OPEC will not take sole responsibility for propping up the oil price

"The production of OPEC is 30 percent of the market, 70 percent from non-OPEC...everybody is supposed to participate if we want to improve prices."

He added Saudi Arabia has no plans to increase its output:

While it had the ability to increase that to meet demand if customers asked for more....
"Currently there is no plan because there is no demand," he said, when asked if Saudi Arabia planned to expand production capacity beyond 12.5 million bpd.

Also from the weekend, OPEC governor Mohammed al-Madi said it would be hard for oil to reach $100-$120 per barrel

- via Reuters