‘Impossible’ to cut oil production - Saudi oil minister

December 18, 2014 

Saudi Arabia, home to the world’s second largest oil reserves, says it can’t afford cutting oil production, even despite the falling prices.

"It is difficult, or rather impossible [to imagine – Ed.] that Saudi Arabia and OPEC take any measures leading to a reduction in their share of the market and increase the share of others, " Ali al-Nuaimi, the country’s oil minister, said Thursday referring to non-OPEC countries.

Oil prices started to plummet after OPEC members chose to keep production as is, saying prices should be driven by market forces.

READ MORE: OPEC ‘effectively dissolved’; oil will slide to $50 - Ba...

Prices have lost more than 45 percent from their peak of US$115 a barrel this summer. However, on Thursday they were heading for their biggest gain in more than two weeks in New York, as more investors and experts are coming to the conclusion that the oil price plunge was excessive. Brent crude stood at above $62 a barrel at 17.40pm MSK, with the WTI being traded at $57 a barrel.

Ali al-Nuaimi believes influencing the oil market in order to obtain political gain can lead to errors.

READ MORE: Iran claims ‘conspiracy against Muslim people’ drags dow...

He added that fluctuations in oil prices are a normal thing as the current crisis in the oil market is"temporary and transitional.”

"We can survive temporary fluctuations [of the oil price – Ed.] without a loss," said Al-Nuaimi.

Earlier, the government of Saudi Arabia said that the stability of the oil market implies cooperation by all producing countries and cannot be ensured by OPEC member countries alone.


Views: 106


You need to be a member of United Truth Seekers to add comments!

Join United Truth Seekers

Help Pay The Rent. "United Truth Seekers" Is an informative Social Network exposing the truth that the mainstream media ignores. The truth will set you free!

This website is brought to you exclusively by member donations. Click Above, Thank you.

Eastern Standard Time






"It was the poverty caused by the bad influence of the
 English Bankers on the Parliament which has caused in the colonies hatred of the English and...the Revolutionary War."
– Benjamin Franklin

"Guard with jealous attention the public liberty. Suspect every one who approaches that jewel. Unfortunately, nothing will preserve it but downright force. Whenever you give up that force, you are ruined."

Patrick Henry
June 26, 1788


© 2020   Created by Pam Vredenburg.   Powered by

Badges  |  Report an Issue  |  Terms of Service

google-site-verification: google4dc7c778a884c7b9.html