OPEC has no choice but to keep output unchanged- Kuwait
Updated: 2015-03-19 19:30
(Agencies)
|
|||||||||
KUWAIT - OPEC has no choice but to keep its market share and shun oil output cuts, Kuwait's oil minister said on Thursday, reiterating the view from the emirate that the group will hold its course when it meets next in June.
"Of course we are concerned because the price of oil will affect our budget ... within OPEC we don't have any other choice than keeping the ceiling of production as it is because we don't want to lose our share in the market," Ali al-Omair told reporters in Kuwait city.
Many OPEC oil ministers, including Saudi Arabia's Ali al-Naimi, have defended the group's November decision not to cut production but instead defend market share and curtail the output of more expensive producers such as the United States.
The accord pushed oil prices below $50 per barrel, extending a sharp decline that began in June amid a global glut of crude and weakening demand.
Since the oil price collapse, OPEC officials have said they wanted non-OPEC producers to cooperate with the group but those attempts have made little progress.
"If there is any type of arrangement with (countries) outside OPEC, we will be very happy," Omair said on Thursday, without elaborating.
Oil prices have recovered slightly since to over $60 a barrel, but have fell again over the past days. Brent crude for May delivery fell towards $55 a barrel on Thursday following a bigger than expected crude stock build in the United States that fueled concerns of an oversupply in the world's largest oil consumer.
Omair said he expected higher prices by the end of the year.
"There are indications that at end of 2015 the economic growth rates will improve and this would make the prices improve," he said.
OPEC has said it believes oversupply, as much as 1.5 million barrels per day, will evaporate as oil demand picks up and US oil production growth slows.
However, should US oil producers prove more resilient than OPEC expects, the glut could persist and grow if Western powers and Iran reach a nuclear deal allowing Tehran to increase its oil exports.
- Ming art sets Christie's high
- Stolen-phone bromance blossoms in China
- Prince Charles, Camilla get royal tour of Washington
- Should selfie sticks be banned?
- Tunisians demonstrate against terrorism
- Five trends driving China's e-commerce surge
- Celebrations of St. Patrick's Day dye the world green
- Ball pen artist makes his point
Most Viewed
Editor's Picks
Annual legislative and political advisory sessions |
Spring Festival trends reflect a changing China |
Patent applications lead the world |
BC lures Chinese tourists |
Festival Special: Apps that make holiday shopping easier |
Alibaba places China smartphone business bet with $590m Meizu deal |
Today's Top News
China's eco-friendly companies stand to gain
China's global image on rise
US sends 'green' mission to China
Microsoft tackles China piracy with free upgrade to Windows 10
3 killed in shooting at convenience store
More Chinese film companies tap into Hollywood
China's arms exports don't violate rules: Expert
Skyscraper built in 19 days
US Weekly
Geared to go |
The place to be |