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crude oil prices tumbling sharply Tuesday after Saudi Arabia that any hopes of a coordinated move to slash global production adding industry conference in Houston influential Saudi oil minister Ali Ibrahim al Naimi sending a clear message that supply cut are not in the cards Reuters correspondent Terry Waite is there , among producing countries which , and analysts say that won't help much , global supply are far outstripping demand by up to two million barrels of oil per day according to some estimates that doesn't include Iranian oil that until recently was shut out of the market due to sanctions with that band now lifted Iran is expected to flood the market with even more oil and analysts predict yet not much OPEC producers like Saudi Arabia and , stop that oil prices tumbling five percent in the U. S.