(MENAFN) The Kuwaiti Oil Ministry said that despite not expecting that oil prices will decline to this low, OPEC was correct in the decision it took last November when the organization decided not to cut its output, Gulf Daily News reported.
Kuwait, which supported Saudi and Arabia and the UAE in leading the decision in November by blocking a call for a cut by others, said that it did not predict the scale of the price collapse, which lost about 60 percent of its value in the last six months.
"The unexpected fall in oil prices affects Kuwait and the other crude-exporting countries. We harbor no ill will towards anyone, and it is not possible for Kuwait to participate in what others see as oil price wars," The Kuwaiti Oil Minister told the country's parliament.
Yet, the firm stance of Saudi Arabia, the UAE and other Gulf Arab producers in OPE, which account for more than half of the group's production, is resulting in some negative opinions among some other oil exporters who need higher oil prices to balance their budgets, like Iran and Venezuela, with both countries calling OPEC to change its decision or call for an emergency meeting for the organization.
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