Oil-rich Gulf states vow not to cut crude productionDecember 22, 2014 - 09:28 AMT PanARMENIAN.Net - Oil-rich Gulf states have vowed not to cut crude production, blaming speculators and producers outside the OPEC group for tumbling prices, BBC News reports. Saudi Arabia's Oil Minister Ali al-Naimi said "the spread of misleading information and speculation" had contributed to the 40% price fall. Speaking in Abu Dhabi, he also dismissed claims of a Saudi plot to push prices down for political goals.Ministers from Kuwait and the UAE also said there were no plans to cut output. Naimi said that if producer countries outside OPEC wanted to restrict output, "they are welcome". "We are not going to cut, certainly Saudi Arabia is not going to cut." Kuwait's Oil Minister Ali al-Omair said OPEC did not need to cut production and would not consider an emergency meeting. "I don't think we need to cut. We gave a chance to others (and) they were not willing to do so," he said during the conference in Abu Dhabi on Sunday, Dec 21. In November, OPEC decided to keep its target output of 30 million barrels per day unchanged, leaving the market to balance itself without the group taking action. In the past Saudi Arabia, the world's largest producer, has acted to rein in output to support prices. The decision not to intervene this time prompted conspiracy theories, including that OPEC wanted to undermine the U.S. shale boom and that there was a political plot to reduce oil revenues earned by Russia and Iran. Naimi denied that politics played a role in the kingdom's oil policy. He said he was not happy about the falling oil price, but added: "Current prices do not encourage investment in any form of energy, but they stimulate global economic growth, leading ultimately to an increase in global demand and a slowdown in the growth of supplies." Meanwhile, OPEC's Secretary-General Abdullah al-Badri told Reuters on Sunday he hoped to see a recovery in the price of oil by the end of next year. "We hope the price would rebound by the end of the second half of 2015," he said. "We can't see the market now, we have to wait until the end of the second half of 2015 to see how the market react to these low prices." The world is expected to need less OPEC oil next year as the U.S. shale gas boom accelerates. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia-Qatar ties discussed in Doha The Secretary of Armenia’s Security Council met with the Deputy Secretary General of the National Security Council of Qatar. ARARAT special evening dedicated to Aznavour's 100th Anniv. On May 20 ARARAT legendary Armenian brandy, celebrated the centennial of Maestro Charles Aznavour with a special event. Surveying works underway in Armenia’s Kirants Surveying works are underway in the Armenian village of Kirants in the northern Tavush province. Armenia calls for prohibiting threats of attacks on nuclear facilities Armenia has raised the need for a treaty prohibiting attacks on nuclear facilities devoted to peaceful purposes. |