KUWAIT, Jan 26 (Reuters) – OPEC cannot cut its oil output alone when other producers from outside the exporting group are raising their supplies but both sides should work together to stabilise the oil market, Kuwait’s OPEC governor said on Tuesday.
“OPEC cannot by itself stabilise the market and decrease its production when the others are increasing and are not coordinating for stabilising the market and prices,” Kuwait’s OPEC governor Nawal Al-Fuzaia told an energy forum in Kuwait.
“Look at the Russian production, how it is increasing from last year, look at the United States they are releasing crude oil exports while the prices are declining, and look at the others like Latin America, all are looking to increase their production. So OPEC is looking for the cooperation.”
(Reporting by Rania El Gamal; Editing by Yara Bayoumy)