Oil prices are likely to remain under pressure this year as Saudi Arabia and Iran compete for market share in weak or slowing Asian economies, the editor of The Schork Report said Wednesday.
Stephen Schork said he does not necessarily agree with forecasts that oil will rebound into the $40s in the next 12 months, citing Saudi oil minister Ali Al-Naimi's comments on Tuesday that OPEC and non-OPEC members will not cut production.
"If you are long oil, get it through your head. Saudi Arabia is not going to throw you a life preserver," he told CNBC's "Squawk Box."
Al-Naimi's remarks at IHS CERAWeek in Houston sent oil prices spiraling on Tuesday after futures had risen in previous sessions, bolstered by a plan put forward by Saudi Arabia and Russia to cap output at January levels. That plan would be contingent on participation from OPEC and non-OPEC members.