LONDON (Bloomberg) — Frontline, the world's biggest operator of supertankers, dropped for a fifth day in Oslo trading after Saudi Arabia's oil minister Ali al-Naimi said it's too soon to discuss raising crude-oil supplies.

The shares fell as much as 11.25 kroner, or 5.2 percent, and were 6.50 kroner lower at 209.75 kroner as of mid-day in Oslo, valuing the Bermuda-based shipping line at 15.7 billion kroner ($2.9 billion).

Al-Naimi said "it is premature" to speak of an increase in output, Agence France-Presse quoted him as saying on November 11.

"Most owners were hoping for a sense of an increase in the near term," Bjorn Knutsen, an analyst at First Securities ASA in Oslo, said. Al-Naimi's comments suggest there isn't "much hope for tanker operators" until the Organisation of Petroleum Exporting Countries next convenes on December 5, he said.