Kuwait Oil Minister Says OPEC Does Not Need To Cut Output

Kuwaiti Oil Minister Ali al-Omair said the Organisation of the Petroleum Exporting Countries (OPEC) did not need to cut production and would not hold an emergency meeting to discuss sagging prices.

“I don’t think we need to cut — we gave a chance to others, they were not willing to do so,” he told Reuters, referring to producer countries outside of OPEC.

He was responding to a question about what would happen if non-OPEC producers such as Russia and Mexico agreed to cut.

“OPEC will not cut,” he added. “Nothing will happen until June. (There will be) no emergency meeting before that.”