Kuwait sees no output cut at OPEC meeting
KUWAIT CITY: OPEC is not likely to cut crude output when it meets later this month amid hopes that the market will absorb surplus supplies, the Kuwaiti oil minister said.
“I do not expect OPEC to make any production cut. A decision like this will be very difficult,” Ali Al-Omair said in Abu Dhabi, cited by the KUNA news agency.
The 12-member Organization for the Petroleum Exporting Countries is due to hold its next scheduled meeting on November 27 amid calls by some members to reduce production to stop a slide in oil prices.
OPEC supplies around 40 percent of global crude output.
Omair, who was attending an oil conference in the UAE capital, expressed hope that the oil market will soon absorb surplus production, adding that “the size of the surplus is unknown.”
KUNA quoted OPEC secretary general Abdullah Al-Badri as saying that “there was no cause for panic in the markets as a result of the sharp decline in oil prices because the situation will improve.”