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No cut in oil production says OPEC

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No cut in oil production says OPEC

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There will be no cut in oil production. That’s the reaction from the oil rich Gulf states to the recent tumble in prices of crude. Saudi Arabia’s Oil Minister Ali al-Naimi said “the spread of misleading information and speculation” had contributed to the 40 percent price fall.

He also dismissed claims of a Saudi plot to push prices down for political goals.

Ministers from Kuwait and the UAE also said there were no plans to cut output and added if countries outside Opec wanted to restrict production, “they are welcome”.

In the past, Saudi Arabia, the world’s largest producer, has acted to rein in output to maintain prices.