| OPEC member Kuwait said on Thursday there was no need to call an emergency meeting for the producers` cartel 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 Gulf Cooperation Council (GCC).
"So far, we are confident that prices have not dropped to the extent that makes us call for an emergency meeting," Omair said. Oil prices fell in Asia Thursday after coming under pressure due to weak global demand and a supply glut, even as US President Barack Obama vowed to destroy jihadist militants in Syria and oil-rich Iraq...............................................Full Article: Source |