{"id":76443,"date":"2014-12-22T06:30:11","date_gmt":"2014-12-22T06:30:11","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=76443"},"modified":"2014-12-21T21:51:22","modified_gmt":"2014-12-21T21:51:22","slug":"oil-price-fall-opecs-fault-gulf-ministers","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=76443","title":{"rendered":"Oil price fall not Opec&#8217;s fault &#8211; Gulf Ministers"},"content":{"rendered":"<p id=\"story_continues_1\" class=\"introduction\">Oil-rich Gulf states have vowed not to cut crude production, blaming speculators and producers outside the Opec group for tumbling prices.<\/p>\n<p>Saudi Arabia&#8217;s Oil Minister Ali al-Naimi said &#8220;the spread of misleading information and speculation&#8221; had contributed to the 40% price fall.<\/p>\n<p>Speaking in Abu Dhabi, he also dismissed claims of a Saudi plot to push prices down for political goals.<\/p>\n<p>Ministers from Kuwait and the UAE also said there were no plans to cut output.<\/p>\n<p>Mr Naimi said that if producer countries outside Opec wanted to restrict output, &#8220;they are welcome&#8221;.<\/p>\n<p>&#8220;We are not going to cut, certainly Saudi Arabia is not going to cut.&#8221;<\/p>\n<p>Kuwait&#8217;s Oil Minister Ali al-Omair said Opec did not need to cut production and would not consider an emergency meeting.<\/p>\n<p>&#8220;I don&#8217;t think we need to cut. We gave a chance to others (and) they were not willing to do so,&#8221; he said during the conference in Abu Dhabi on Sunday.<\/p>\n<p>In November, Opec decided to keep its target output of 30 million barrels per day unchanged, leaving the market to balance itself without the group taking action.<\/p>\n<p><strong><span class=\"cross-head\">Price rise?<\/span><\/strong><\/p>\n<p>In the past Saudi Arabia, the world&#8217;s largest producer, has acted to rein in output to support prices.<\/p>\n<div class=\"caption full-width\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/news.bbcimg.co.uk\/media\/images\/79878000\/jpg\/_79878315_79878314.jpg\" alt=\"Atlantis oil rig in Gulf of Mexico\" width=\"624\" height=\"351\" \/><\/div>\n<p>The decision not to intervene this time prompted conspiracy theories, including that Opec wanted to undermine the US shale boom and that there was a political plot to reduce oil revenues earned by Russia and Iran.<\/p>\n<p>Mr Naimi denied that politics played a role in the kingdom&#8217;s oil policy. He said he was not happy about the falling oil price, but added: &#8220;Current prices do not encourage investment in any form of energy, but they stimulate global economic growth, leading ultimately to an increase in global demand and a slowdown in the growth of supplies.&#8221;<\/p>\n<p>Meanwhile, Opec&#8217;s Secretary-General Abdullah al-Badri told Reuters news agency on Sunday he hoped to see a recovery in the price of oil by the end of next year.<\/p>\n<p>&#8220;We hope the price would rebound by the end of the second half of 2015,&#8221; he said. &#8220;We can&#8217;t see the market now, we have to wait until the end of the second half of 2015 to see how the market react to these low prices.&#8221;<\/p>\n<p>The world is expected to need less Opec oil next year as the US shale gas boom accelerates.<\/p>\n<p>&nbsp;<\/p>\n<p>Source: BBC<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil-rich Gulf states have vowed not to cut crude production, blaming speculators and producers outside the Opec group for tumbling prices. Saudi Arabia&#8217;s Oil Minister Ali al-Naimi said &#8220;the spread of misleading information and speculation&#8221; had contributed to the 40% price fall. Speaking in Abu Dhabi, he also dismissed claims of a Saudi plot to [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":76444,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[],"tags":[22,4],"class_list":["post-76443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-medcirclesgh","tag-st-augustines-college"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/76443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=76443"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/76443\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/media\/76444"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=76443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=76443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=76443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}