[Frequitude]

I know its not good news for us, but good on Saudi Arabia. That's how a free market works.

Saudi oil minister's message for high-cost crude producers: 'get out' of market

Saudi Arabia's oil minister told a crowd of U.S. oil executives in Texas on Tuesday exactly what they were afraid of hearing: that OPEC is more than happy to ride out cheap crude prices until higher-cost producers are pushed out of the market.

To be clear, the oil supply glut was not caused by Saudi Arabia, but by high prices that caused "every barrel on Earth" to be produced, according to Al-Naimi.

"Inefficient, uneconomic producers will have to get out, that is tough to say, but that's fact," said Al-Naimi after the speech, in an on-stage interview with author Daniel Yergin.

Al-Naimi said that he would prefer it if oil didn't continue to trade at the $20 level, but that he could live with it.