OPEC isn’t likely to make a decision to cut its oil output ceiling at its next meeting on November 27, Kuwait’s Oil Minister Ali al-Omair told reporters at a major energy conference in Abu Dhabi on Monday, according to Reuters.
“It’s too early to decide, but I don’t think so … It will be a hard decision but I don’t think there will be any cut,” the Oil Minister said.
The Oil Minister told Reuters that the price of oil price may fall “a little bit” below its current levels, however the price “will stabilize”.
Omair said that Kuwait was worried about the decline in oil prices, however not panicking, adding that the price of oil was “unlikely” to drop to a level that would hurt the Kuwaiti economy.
Omair added that he believed that surplus production in the oil market would soon be absorbed, however the extent of the surplus was not clear.
The Oil Minister said that the most important thing at this month’s OPEC meeting would be reaching an agreement.
Source: Reuters
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