The Saudi and Kuwaiti oil ministers said on Sunday that their countries would not reduce their production even if non-producing members of OPEC would reduce theirs to contain the fall in prices.
” No, I think it’s too late, “said the Saudi Minister Ali al-Nuaimi told reporters who asked if OPEC cut production if no other producers cartel members reduced their offer.
“If they decide to reduce production, they are welcome. We will not reduce (ours), Saudi Arabia certainly will not reduce” its production, added Mr. Nuaimi in margin . an Arab Energy Forum in Abu Dhabi
Status quo
His Kuwaiti counterpart Ali al-Omair was of the same opinion: “I do not think we need reduce it. We gave a chance to the others and they were not willing to do it, “he said.
” OPEC will not reduce (the offer). Nothing happen until June and there will be no extraordinary meeting, “he added, confirming that the Organization of Petroleum Exporting Countries will await its next semi-annual meeting to decide on the market situation .
Saudi Arabia and Kuwait are influential members of OPEC and they pump with the United Arab Emirates and Qatar, some 16 million barrels per day (bpd), more than half of the production of the cartel of twelve members.
The market is very hesitant
OPEC decided in late November in Vienna to maintain 30 mbd its production ceiling despite oversupply and falling prices.
Oil prices rebounded sharply in New York on Friday, the last business day of the week, the market trying to find a balance in the context of concerns the persistent excess supply.
The price of a barrel of “light sweet crude” (WTI) for delivery in January, took $ 2.41 to $ 56.52 dollars, erasing its fall Thursday unprecedented closing levels since early May 2009.
No comments:
Post a Comment