Saudi Arabia’s Naimi Says Difficult For OPEC To Cut Oil Output

Global oil markets are experiencing a “problem” that is temporary and caused mainly by a slowdown in the global economy, Saudi Arabia’s Oil Minister Ali Al-Naimi said, according to state-run Saudi Press Agency.

Saudi Arabia, the largest producer in OPEC, will stick to its policy to maintain output, Naimi said, according to SPA.

“It is difficult if not impossible for the kingdom or OPEC to carry out any measure that would lead to a decrease in its market share or the increase of others’ market share,” he said.

The Organization of Petroleum Exporting Countries decided on November 27 to keep its production target unchanged at 30 million barrels a day.