Minister of Petroleum and Mineral Resources Eng Ali Al-Naimi issued a press statement on the OPEC conference which concluded its deliberations in Cairo on Friday.
Al-Naimi said that the conference was one of the most successful conferences held by the oil cartel. “OPEC is keen to adopt a moderate stance and preserve stability of the oil market and oil prices to serve the interests of both consumers and producers,” he said.
Al-Naimi noted that the decision to reduce oil production is aimed at preserving balance in the oil market. He predicted that oil prices would begin to rise from Monday 13 December.
Al-Naimi said that OPEC member states produce only 40% of global oil supplies. “This means that OPEC does not have the upper hand on oil prices, but is capable of playing an effective role to stabilise oil prices,” he added.
Source: SPA
