{"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\/2014\/12\/oil-price-fall-opecs-fault-gulf-ministers\/","title":{"rendered":"Oil price fall not Opec’s fault – Gulf Ministers"},"content":{"rendered":"
Oil-rich Gulf states have vowed not to cut crude production, blaming speculators and producers outside the Opec group for tumbling prices.<\/p>\n
Saudi Arabia’s Oil Minister Ali al-Naimi said “the spread of misleading information and speculation” had contributed to the 40% price fall.<\/p>\n
Speaking in Abu Dhabi, he also dismissed claims of a Saudi plot to push prices down for political goals.<\/p>\n
Ministers from Kuwait and the UAE also said there were no plans to cut output.<\/p>\n
Mr Naimi said that if producer countries outside Opec wanted to restrict output, “they are welcome”.<\/p>\n
“We are not going to cut, certainly Saudi Arabia is not going to cut.”<\/p>\n
Kuwait’s Oil Minister Ali al-Omair said Opec did not need to cut production and would not consider an emergency meeting.<\/p>\n
“I don’t think we need to cut. We gave a chance to others (and) they were not willing to do so,” he said during the conference in Abu Dhabi on Sunday.<\/p>\n
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
Price rise?<\/span><\/strong><\/p>\n In the past Saudi Arabia, the world’s largest producer, has acted to rein in output to support prices.<\/p>\n