Kuwait ask Foreign Countries Outside OPEC to Stabilize and Participate stabilize oil prices

The oil refinery in Wilmington field near Long Beach, California.

Kuwait ask Foreign Countries Outside OPEC to Stabilize and Participate stabilize oil prices

Kuwaiti Oil Minister Ali Al-Omair, Saturday (29/11), called on the oil-producing countries outside OPEC crude to cooperate to stabilize the oil market and prevent sharp fluctuations in oil prices, according to Kuwait's official news agency KUNA.

Al-Omair speaking from Vienna, where OPEC cartel whose 12 countries on Thursday decided to maintain the production ceiling, resulting in the collapse of oil prices.

Omair asserted that the OPEC decision has been "right", the "best solution for the time being", and is based on available market information.

He said the OPEC member countries agreed to hold a meeting next June and decided not to hold an emergency meeting unless necessary.

Global oil prices fell on Friday to its lowest level in recent years, following the OPEC decision taken though market oversupply.

Brent oil for delivery in January, fell to below US $ 70 for the first time since four and a half years ago, becomes $ 69.78 per barrel. Brent oil price is on the price of $ 70.15 a barrel, down $ 2.43 from Thursday's closing price of the session.