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Saudi
Arabia, home to the world’s second largest oil reserves, says it can’t afford
cutting oil production, even despite the falling prices.
"It
is difficult, or rather impossible [to imagine – Ed.] that Saudi Arabia and
OPEC take any measures leading to a reduction in their share of the market and
increase the share of others, " Ali al-Nuaimi, the
country’s oil minister, said Thursday referring to non-OPEC countries.
RT.com reports oil
prices started to plummet after OPEC members chose to keep production as is,
saying prices should be driven by market forces.
Prices
have lost more than 45 percent from their peak of US$115 a barrel this summer.
However, on Thursday they were heading for their biggest gain in more than two
weeks in New York, as more investors and experts are coming to the conclusion
that the oil price plunge was excessive. Brent crude stood at above US$62 a
barrel at 17.40pm MSK, with the WTI being traded at US$57 a barrel.
Ali
al-Nuaimi believes influencing the oil market in order to obtain political gain
can lead to errors.
He
added that fluctuations in oil prices are a normal thing as the current crisis
in the oil market is "temporary
and transitional.”
"We
can survive temporary fluctuations [of the oil price – Ed.] without a
loss," said Al-Nuaimi.
Earlier, the government of
Saudi Arabia said that the stability of the oil market implies cooperation by
all producing countries and cannot be ensured by OPEC member countries alone.
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