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OPEC has no choice but to keep output unchanged

OPEC has no choice but to keep output unchangedKUWAIT: Kuwait oil minister said on Thursday that he was concerned by the drop in oil prices because of its impact on the Gulf Arab state’s budget, but said OPEC had no other choice but to keep its output steady.

“Of course we are concerned because the price of oil will affect our budget … within OPEC we don’t have any other choice than keeping the ceiling of production as it is because we don’t want to lose our share in the market,” Ali al-Omair told reporters in Kuwait city.

“If there is any type of arrangement with (countries) outside OPEC, we will be very happy,” he said.

Omair said he expects there would be some fluctuation in oil prices, but hoped to see a better situation towards end of 2015.

The Organization of the Petroleum Exporting Countries meets next in June to decide on its output policy. Brent crude for May delivery fell towards $ 55 a barrel on Thursday.

Copyright Reuters, 2015

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