30 Nov '14, 1am

#peakoil Kuwait urges cooperation from non-OPEC producers: Kuwait Oil Minister Ali Al-Omair urged non-OPEC cru...

Kuwait Oil Minister Ali Al-Omair urged non-OPEC crude producers to cooperate to help stabilize the oil market and prevent sharp fluctuations in prices, KUNA news agency said. The minister called on producers from outside OPEC to “cooperate with the Organization of Petroleum Exporting Countries to guarantee stability of the market and prevent major swings in oil prices.” He was speaking from Vienna, where on Thursday the 12-member OPEC decided to keep its production ceiling unchanged sending oil prices crashing. Omair insisted the OPEC decision was “right” and the “best solution at the present time,” adding it was based on market information. He said OPEC members agreed to hold their next meeting in June and decided against convening an emergency session unless necessary. Global oil prices plunged Friday to new multi-year lows after the OPEC the decision despite an oversupp...

Full article: http://peakoil.com/publicpolicy/kuwait-urges-cooperation-...

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