Gulf OPEC members refuse to cut oil output – Middle East – Al Jazeera English.
Arab Gulf countries have vowed they will not cut oil production or hold an emergency meeting, despite a glut in global supplies and plummeting oil prices.
Powerful OPEC members Saudi Arabia and Kuwait said on Sunday they would not cut production even if non-OPEC members reduced their output, while Iraq and the United Arab Emirates shrugged off calls for an emergency meeting of the 12-nation cartel.
“If they [non-OPEC countries] want to cut production they are welcome. We are not going to cut, certainly Saudi Arabia is not going to cut,” Saudi Oil Minister Ali al-Naimi told reporters on the sidelines of an energy conference in the United Arab Emirates.
Kuwait’s Oil Minister Ali al-Omair agreed, saying he did not think a cut was needed.
“OPEC will not cut. Nothing will happen until June and there is no emergency meeting,” he said.