GCC
OPEC cannot cut alone when others are raising output says Kuwait
Kuwait’s OPEC governor Nawal Al-Fuzaia said that OPEC cannot cut its oil output alone when other producers from outside the exporting group are raising their supplies. He stated that but both sides should work together to stabilise the oil market, while speaking at an energy forum in Kuwait.
“Look at the Russian production, how it is increasing from last year, look at the United States they are releasing crude oil exports while the prices are declining, and look at the others like Latin America, all are looking to increase their production. So OPEC is looking for the cooperation,” he stated.
Brent broke below $30 a barrel in Asian trade on January 26.
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