OPEC: I Don't Think We Need to Cut Production, Fall in Oil Prices Not Our Fault

No "noticeable and big impact" for Saudi from low oil price, says Naimi

Saudi Oil Minister Ali al-Naimi Sunday said that the Organization of the Petroleum Exporting Countries (OPEC) does not intend to cut production to boost prices, Reuters reports.

"We are not going to cut, certainly Saudi Arabia is not going to cut," said Naimi, outlining OPEC's position.

While he is not happy with the current oil price, which has dropped dramatically this year, he said the fall was not down to OPEC, but a lack of cooperation by non-OPEC producers.

Other ministers, including United Arab Emirates (UAE) Oil Minister Suhail Bin Mohammed al-Mazroui echoed the comments but urged world producers not to raise production next year saying this would see prices return.

Kuwaiti Oil Minister Ali al-Omair said an emergency OPEC meeting would not be held to address the oil price, adding that non-OPEC members were not intending to cut production either.

"We gave a chance to others (and) they were not willing to do so," said Omair.

OPEC's output target of 30 million barrels per day will remain unchanged.

Non-OPEC member Russia, the world's second largest oil exporter, is also expected to maintain production levels.

According to the report, some have speculated that OPEC is willing to accept low prices as a response to the challenge presented by an expected energy boom in the U.S. and to undermine Iran and Russia for their policies towards the situation in Syria.

Naimi denied politics had played a role in OPEC's decision, however.

"The best thing for everybody is to let the most efficient producers produce," he said.

As the market searches for its bottom, Saudi Arabia's view at the start of the month that prices should stabilise at $60 per barrel is already being tested, with Suhail Al-Mazrouei saying last week that even if oil reaches as low as $40 per barrel the OPEC won't make any moves to help control prices.