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Kuwait says OPEC talks needed to support oil price

Kuwait warned Sunday that action was needed from OPEC members to halt the “sharp decline” in oil prices after the value of global crude hit a four-year low.

A joint meeting by the oil-rich emirate‘s cabinet and its Supreme Petroleum Council ― the highest decision-making body on energy ― chaired by Prime Minister Sheikh Jaber Mubarak al-Sabah reviewed “necessary steps that need to be taken” to halt the price slide, said a statement cited by the official KUNA news agency.

The measures included “consultations with OPEC members to discuss taking the best means to support oil prices and safeguard the interests of all sides.”

The statement did not call for any change in OPEC production, which is currently 600,000 barrels a day above its recommended output ceiling of 30 million.

The 12-nation OPEC cartel, which accounts for a third of global oil output, will meet on Nov. 27 in Vienna.

Oil Minister Ali al-Omair briefed the meeting about the slide in oil, the statement said.

No new measures were announced.

The price of Kuwaiti oil has shed more than $37 a barrel since its $109 a barrel peak in June. On Friday, it closed at $71.40 a barrel.

Preliminary figures released by the finance ministry on Sunday showed that Kuwaiti revenues dropped 4.4 percent in the first six months of the fiscal year from April due to a drop in the price of oil, which makes up 94 percent of the country’s revenues.

Korea Herald
Published on:
November 17, 2014
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