Kuwait strongly supports OPEC’s decisions: Minister
VIENNA: Kuwaiti Oil Minister Bakheet Al-Rasheedi re-affirmed on Friday robust support for OPEC’s resolutions, intended to maintain the oil market stability. In a statement he made ahead of the fifth meeting of ministers from OPEC and non-OPEC crude producing countries, the minister indicated that “certain mechanisms could preserve the reserves.”
The Organization of Petroleum Exporting Countries, between January and end of November, was able to ‘absorb’ more than 30 million barrels for sake of maintaining the market, minister Rasheedi said. He described as very successful OPEC’s latest decisions, namely the 2016 ‘historic decision’ of cutting the output by some 32 million bpd. OPEC is keen, he continues, on keeping the agreement between OPEC and non-OPEC countries on the crude production ceiling. Asked on Qatar’s decision to quit the organization, he said that the State of Kuwait respects Doha’s decision. It is Qatar’s right to decide whether to stay in OPEC or leave it, he added.
Meanwhile, Iraqi Minister of Oil Thamer Al-Ghadban said that there are several scenarios during OPEC’s ministerial meeting, regarding the issue of production and prices. Low prices serve neither interests of Iraq nor those of the member states, he said. Indicating that Iraq needs higher income, he said that the state budget is in the range of 20 percent. He concurred with his Kuwaiti counterpart on respecting Qatar’s decision. In the meantime, Qatari Minister of Oil Saad Al-Kaabi has affirmed that OPEC can ‘protect itself’ and control the production ceiling according to the market needs. Qatar, currently, favors not to engage in any ‘initiative’ in the oil sector, he says, noting that it produces small amounts of crude. — KUNA