Riyadh denies the allegations of a “conspiracy” which would be to push prices down for geopolitical purposes.
The Gulf oil monarchies accuse non-member countries of OPEC cause oil prices fall. The price of black gold lost nearly 50% since June, due to abundant supply and weak demand linked to the slowdown in the global economy. During an energy forum in Abu Dhabi, Saudi Oil Minister Ali al-Nuaimi, whose country is the world’s largest oil exporter, has highlighted “the lack of cooperation of the main producers outside OPEC misinformation and greed of speculators. “
Riyadh also rejected allegations of a” plot “that would push prices down for geopolitical purposes intended, with US complicity Iran and Russia, who support the Syrian regime of Bashar al-Assad. “The oil policy of the kingdom is based on strict economic base,” defended Ali al-Nuaimi. While predicting that the “high-cost producers will not continue to increase their extractions.” This statement is the United States and Canada, operating in oil shale and oil sands. Another minister of Energy, Suhail al-Mazouei, UAE, defended the status quo of OPEC decided in Vienna in late November that keeps 30 million barrels per day (bpd) production ceiling despite calls for a reduction in supply. “The decision of OPEC is correct, strategic and useful for the global economy, he commented. It will lead to price stability. “
The Gulf countries have no intention of changing their medium-term strategy, even if the countries outside OPEC had to reduce production to stem the drop of black gold. The Saudi and Kuwaiti oil ministers have made clear on Sunday in Abu Dhabi. “If they decide to cut production, they will be welcome. Saudi Arabia certainly will not reduce “its production, said Ali al-Nuaimi. “Nothing will happen until June, and there will be no extraordinary meeting,” confirmed his Kuwaiti counterpart Ali al-Omair.
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