Even if oil prices fall as low as US$40 a barrel, OPEC will stand by its decision not to cut output, the United Arab Emirates said.
The Organization of Petroleum Exporting Countries won’t immediately change its Nov. 27 decision to keep its collective output target unchanged at 30 million barrels a day, UAE energy minister Suhail Al-Mazrouei was quoted in a Bloomberg report as saying.
He said OPEC will wait at least three months before considering an emergency meeting.
The group is scheduled to meet again on June 5.
“We are not going to change our minds because the prices went to US$60 or to US$40,” Mazrouei told Bloomberg at a conference during the weekend in Dubai.
“We’re not targeting a price; the market will stabilize itself.”
OPEC’s 12 members pumped 30.56 million barrels a day in November, surpassing their target for a sixth consecutive month, Bloomberg figures show.
Saudi Arabia, Iraq and Kuwait deepened discounts this month on shipments to Asia, feeding speculation that they’re fighting for market share amid a glut fed by surging US shale production.
OPEC supplies about 40 percent of the world’s oil.
Brent crude, a pricing benchmark for more than half of the world’s oil, slumped 2.9 percent to US$61.85 a barrel in London on Friday, the lowest close since July 2009. Brent has tumbled 20 percent since Nov. 26, the day before OPEC decided to maintain production.
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