OPEC is to hold a crucial meeting on Dec. 4 to study prices. AFP PHOTO/ALEXANDER KLEIN
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Saudi-led Gulf OPEC members will reject pressure to shoulder the cost of cutting oil production alone despite warnings that prices risk sliding further, officials and analysts say.A senior Gulf oil official said nothing has changed to alter Gulf states' oil policy.OPEC heavyweight Saudi Arabia said last week it was ready to cooperate with other producers to stabilize the oil market and support prices.Abu-Dahesh said Gulf states are betting on developments indicating a balanced oil market next year after OPEC's strategy knocked out some high-cost production, such as some U.S. shale oil.Harami believes oil prices will remain low for at least the next two years until the global economy picks up.Despite economic woes and major revenue losses due to low oil prices, the Gulf states have a huge fiscal cushion to rely on.
FOLLOW THIS ARTICLE