OPEC decision for fear of losing mkt share: Kuwait

11/30/2014 1:52:23 AM

(MENAFN- Arab Times) KUWAIT CITY Nov 28 (AFP): OPEC's decision Thursday not to cut oil output to support prices was prompted by fear of losing market share to competitors Kuwait's oil minister said. 'Today there are many competitors and OPEC pumps just 30 percent of global output' Ali Omair told local Al-Watan satellite channel from Vienna where he attended the OPEC meeting.

'It was inevitable to take the right decision not to cut production because it can be compensated by others present in the market who have the ability to do so.' 'Accordingly we decided that price will adjust itself based on supply and demand and that OPEC is supposed to safeguard its market share in order not to lose its clients' the Kuwaiti minister said. 'OPEC will no longer accept to bear the additional burden of cutting production while others rush to raise their output' he said.

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