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OPEC countries say no to cutting oil production

Published:Monday | December 22, 2014 | 10:05 AM

Arab Gulf countries have vowed they will not cut oil production or hold an emergency meeting, despite a glut in global supplies and plummeting oil prices.



Powerful OPEC members Saudi Arabia and Kuwait said on Sunday they would not cut production even if non-OPEC members reduced their output.



Iraq and the United Arab Emirates shrugged off calls for an emergency meeting of the 12-nation cartel.



Saudi Oil Minister Ali al-Naimi told reporters that if non OPEC countries wanted to cut oil production they were welcome to do so.



However, he said Saudi Arabia will not be cutting its oil production.



Kuwait's Oil Minister Ali al-Omair agreed, saying he didn't think a cut was needed.



OPEC opted to stick with a production level of 30 million barrels per day last month, despite prices falling by almost 50 per cent since June.



Gulf countries are forecast to lose at least half their income from oil, or around $350 billion a year, at current price levels.



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