The Traderszone Network

Published in TZ Latest News 2 December, 2015 by The TZ Newswire Staff

Saudis seen rejecting calls for OPEC cuts as rivals pump more

Saudi Arabia is seen rejecting calls from fellow OPEC members to cut output when the group meets this week as the group’s kingpin argues it cannot deal alone with one of the most severe oil gluts in history. OPEC is widely expected to stick to its policies – enforced by Saudi Arabia’s oil minister Ali al-Naimi a year ago – of defending market share by pumping record volumes to drive rival, higher-cost producers out of the market. “I hope this time it will be different, but I doubt it will be,” said an OPEC delegate from a country usually seeking production cuts.