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Saudi Arabia, Kuwait say no need for urgent OPEC meeting

Saudi Arabia, Kuwait say no need for urgent OPEC meeting
Saudi Arabia’s Oil Minister Ali Al Naimi said OPEC doesn’t need to meet on possible measures to check falling oil prices, Khaleej Times reported.
Prices “always fluctuate and this is normal,” Naimi told reporters in Kuwait where he’s meeting counterparts from the Gulf Cooperation Council (GCC) comprising six Arab oil-producing countries. Four of them — Saudi Arabia, Kuwait, the UAE and Qatar — are members of the Organisation of Petroleum Exporting Countries (OPEC).
“It’s too early now,” Naimi said in response to a question about whether OPEC would convene before its next scheduled meeting on November 27.
“We will discuss the prices and the production level when in our next group meeting.” Saudi Arabia’s output reduction came as other OPEC members such as Nigeria and Kuwait said they increased output, according to the group’s oil market report. Total production by the organisation’s 12 members climbed by 231,000 barrels a day to 30.347 million last month, based on secondary sources, the report showed.
OPEC, which supplies 40 per cent of the world’s oil, reaffirmed its output target at 30 million barrels a day when it last met in June.
Meanwhile, Kuwait said on Thursday there was no need to call an emergency meeting for the producers’ group to discuss sliding oil prices after crude hit a 17-month low.
“We do not believe there is a need to call an emergency OPEC meeting” to discuss the drop in prices, Oil Minister Ali Al Omair told reporters at the end of a regular meeting of the oil ministers of the GCC. “So far, we are confident that prices have not dropped to the extent that makes us call for an emergency meeting,” Omair said.
Omair said the fall in oil prices was not on the agenda of the ministers’ meeting. The minister, whose country pumps around three million barrels a day, said he did not believe the drop in oil prices was substantial “because the fall was expected as a result of high production especially from the United States.”