Kuwait does not expect oil output cut

11 Nov 2014

(MENAFN) Kuwait’s Oil Ministry said that it doesn’t expect that OPEC will cut crude output when it meets later this month due to hopes that the market will absorb the surplus supplies of oil, Arab News reported.

The 12-member Organization for the Petroleum Exporting Countries, which is due to hold a meeting later this month, supplies around 40 percent of global crude output.

“Currently, there is no cause for panic in the markets as a result of the sharp decline in oil prices because the situation will improve,” OPEC Secretary General was quoted saying earlier this week.

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