Kuwait's Minister of Oil and Minister of State for National Assembly Affairs Dr. Ali Al-Omair said Monday that the oil market is expected to accommodate oil surplus supply soon, noting that the volume of excess supplies is currently unclear.
OPEC is unlikely to decide to cut its oil output ceiling at its next meeting in late November, Al-Omair stated to reporters on the sidelines of his participation at the ADIPEC 2014, which kicked off earlier at the Abu Dhabi National Exhibition Center.
"It will be a hard decision but I don't think there will be any cut," he said, expecting that oil prices are unlikely to drop to a level that would hurt the Kuwaiti economy.
Meanwhile, OPEC Secretary-General Abdullah Al-Badri said that there is no need to panic at markets over recent decline of oil prices, affirming that the situation will improve automatically.
Furthermore, UAE's Minister of Energy Suhail Al-Mazrouei also assured that there is no need to panic over slide of oil prices, noting that the whole matter is not a major issue.
Source: KUNA