Officials and analysts say that the Gulf oil-exporting countries, led by Saudi Arabia, will refuse to cut their oil production, despite warnings that such a decision could lead to a further decline in prices.
Nearly a week before the crucial meeting of the Organization of Petroleum Exporting Countries (OPEC), analysts confirm that the Gulf states – which account for nearly 52 per cent or 32 million barrels per day of OPEC production – want explicit commitments from other producers outside the organisation, especially Russia, that they, in turn, are ready to cut their production.
This meeting will be held in Vienna early next month to study the price of oil, which has lost approximately 60 per cent of its value.
Talking to AFP, Kamel Al- Harami, Kuwaiti oil expert, says: “Gulf states will not take unilateral action in reducing their production. They need strong cooperation from other producers, especially from Russia.”
Saudi economist Abdulwahab Abu-Dahesh says: “ Gulf states do not have the desire to change their policy, which is based on defending the market share despite significant losses.”