Non-OPEC producers 'cause' world oil prices fell

Non-OPEC producers 'cause' world oil prices fell

Souhail al-Mazroui (right) accused the countries of non-OPEC as a cause of weakening global oil prices.

United Arab Emirates Oil Minister, Souhail al-Mazroui, the decline in oil prices of more than 40% in recent months due to the countries of non-OPEC production ramped up excessively.

This accusation is issued when the Arab countries held a meeting of oil producer in Abu Dhabi, Sunday (21/12).

Al-Mazroui said the price will be stable in the new year if all the oil producing countries to raise production.

Saudi Arabian Oil Minister Ali al-Naimi, said the best way to overcome volatility in oil prices is to provide an opportunity for the countries most efficient in producing oil to adjust the oil world governance.

Saudi Arabia is among the members of OPEC, the organization of petroleum exporting countries, which do not agree with the proposal of production cuts to help raise the price of oil.

"If they (the countries of non-OPEC) wants to reduce production, certainly welcomed. But we, Saudi Arabia, will not reduce production," said Al-Naimi.

Which also does not agree with the reduction in production is Kuwait.

Meanwhile, other manufacturers such as Iran and Russia urged a reduction in production that oil prices rose. (BBC)