OPEC members will not participate in a proposed oil producers’ summit aimed at strengthening oil prices, according to Kuwait’s oil minister, Ali Al-Omair.
The summit has been called by Venezuela in an attempt to boost the price of crude oil. Venezuela has the world’s largest reserves of crude but is feeling the pinch of low oil prices more keenly than most, due to the high production costs of its assets.
Al-Omair confirmed that OPEC members will not meet until their next scheduled meeting in December.
“The problem is that there is no commitment from non-OPEC producers for what they will undertake to help stabilise the market”
- Ali Al-Omair, Kuwaiti Oil Minister
“There will be no conferences before December 4,” Omair told reporters at the Kuwait Times. “The problem is that there is no commitment from non-OPEC producers for what they will undertake to help stabilise the market.”
OPEC members Venezuela and Algeria have both called for sharp cuts in global production levels in an attempt to boost prices. OPEC has opted to defend its market share by keeping production levels high, rather than taking action to protect prices.
Speaking of the proposed meeting, Omair said that in previous meetings OPEC members had been asked to cut production “while others continued to produce, causing us to lose market share”.