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16Feb15

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OPEC countries still dispute over preserving oil production -- Kuwait OPEC representative

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Some members of the Organization of the Petroleum Exporting Countries (OPEC) opposed the decision to keep the oil output level, however, all sides agreed to the decision, Kuwait's representative to the cartel Mohammad Al-Shatti said in an interview to TASS on Monday.

"The decision (to keep the oil output unchanged at 30 million barrels a day -- TASS) could not have been made without all members' agreement," Al-Shatti said. "There was a dispute, but finally all sides came to an agreement," he added.

The world oil cartel decided to preserve oil production quotas at 30 million barrels per day at a meeting in Vienna on November 27, 2014. It was reported then that Saudi Arabia's Minister of Petroleum and Mineral Resources Ali al-Naimi said the organization had demonstrated great unity. OPEC Secretary General Abdalla Salem El-Badri said that the cartel might return to output quota revision within six months from then.

Non-OPEC countries are liable for worsening situation on the oil market, Kuwait's representative to the cartel Mohammad Al-Shatti said.

"OPEC does not have anything to do with the current situation, it's not the organization that caused the current state of affaris," he stressed.

Al-Shatti explained that surplus crude oil production was the main problem, adding that "all surplus is produced by non-OPEC countries." "The level of oil production by OPEC countries did not change, it kept within the 30 million barrels limit," Kuwait's representative said, adding that the growth was fixed outside the cartel where production is not controlled by the governments.

Al-Shatti named the US, Canada and Brazil among the countries that influenced the surplus and a drop in oil prices. He also said that Russia is not concerned with this list as it is still "keeping on the same level."

[Source: Itar Tass, Al Kuwait, 16Feb15]

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This document has been published on 17Feb15 by the Equipo Nizkor and Derechos Human Rights. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes.