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Commodities Briefing - Categorized | Market Moves, Oil more

Gulf unwilling to tighten oil taps alone: analysts

Posted on 30 November 2015

Saudi-led Gulf OPEC members will reject pressure to shoulder the cost of cutting oil production alone despite warnings that prices risk sliding further, officials and analysts say. Saudi Arabia, Kuwait, the United Arab Emirates and Qatar, which pump more than half of OPEC’s 32 million barrels of daily output, want a solid commitment from all other producers, especially non-OPEC member Russia, to agree to production cuts across the board.
“Gulf states will not undertake a unilateral output cut. They need strong cooperation from other producers, mainly Russia, to cut,” Kuwaiti oil analyst Kamel al-Harami told AFP. The Organization of the Petroleum Exporting Countries is to hold a crucial meeting on December 4 to study prices, which have fallen around 60 percent since mid-2014………………………………………..Full Article: Source


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