403
Sorry!!
Error! We're sorry, but the page you were looking for doesn't exist.
No oil output reduction even if others cut say Gulf exporters
(MENAFN- Arab News) ABU DHABI: The Saudi and Kuwaiti oil ministers said that their countries would not cut oil production even if non-OPEC members reduce their output to shore up sagging oil prices.
'No... I think it's too late now' Petroleum and Mineral Resource Minister Ali Al-Naimi told reporters when asked whether OPEC would cut its output if non-OPEC producers were to lower their own.
'If they (non-OPEC) want to cut production they are welcome. We are not going to cut certainly Saudi Arabia is not going to cut' Al-Naimi said on the sidelines of an energy conference in the UAE.
Kuwaiti Oil Minister Ali Al-Omair agreed.
'I don't think we need to cut. We gave a chance to others and they were not willing to do so' Al-Omair said.
'OPEC will not cut. Nothing will happen until June and there is no emergency meeting' he said.
The two countries are influential members of OPEC and along with the UAE and Qatar pump around 16 million barrels a day or more than half of total OPEC output.
The Organization of Petroleum Exporting Countries decided last month to maintain its production unchanged at 30 million barrels per day which led to a slump in oil prices.
The benchmark Brent oil price is hovering around $60 a barrel after losing almost half of its value since June because of a glut in supplies the weak global economy and the strong US dollar.
Asked about possible cooperation between members of OPEC which include the world's lowest-cost producers and non-member countries the Saudi minister replied: 'The best thing for everybody is to let the most efficient producers produce.'
He also said that OPEC's decision would ultimately help the world economy.
'Current prices do not encourage investment in any form of energy but they stimulate global economic growth leading ultimately to an increase in global demand and a slowdown in the growth of supplies' he said.
Before the Vienna meeting there were hints that Russia could cut output or exports if OPEC did the same. But the message from Moscow after the meeting was that the world's second largest oil exporter would maintain its output.
'No... I think it's too late now' Petroleum and Mineral Resource Minister Ali Al-Naimi told reporters when asked whether OPEC would cut its output if non-OPEC producers were to lower their own.
'If they (non-OPEC) want to cut production they are welcome. We are not going to cut certainly Saudi Arabia is not going to cut' Al-Naimi said on the sidelines of an energy conference in the UAE.
Kuwaiti Oil Minister Ali Al-Omair agreed.
'I don't think we need to cut. We gave a chance to others and they were not willing to do so' Al-Omair said.
'OPEC will not cut. Nothing will happen until June and there is no emergency meeting' he said.
The two countries are influential members of OPEC and along with the UAE and Qatar pump around 16 million barrels a day or more than half of total OPEC output.
The Organization of Petroleum Exporting Countries decided last month to maintain its production unchanged at 30 million barrels per day which led to a slump in oil prices.
The benchmark Brent oil price is hovering around $60 a barrel after losing almost half of its value since June because of a glut in supplies the weak global economy and the strong US dollar.
Asked about possible cooperation between members of OPEC which include the world's lowest-cost producers and non-member countries the Saudi minister replied: 'The best thing for everybody is to let the most efficient producers produce.'
He also said that OPEC's decision would ultimately help the world economy.
'Current prices do not encourage investment in any form of energy but they stimulate global economic growth leading ultimately to an increase in global demand and a slowdown in the growth of supplies' he said.
Before the Vienna meeting there were hints that Russia could cut output or exports if OPEC did the same. But the message from Moscow after the meeting was that the world's second largest oil exporter would maintain its output.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment