VIENNA (Reuters) - Saudi Arabian Oil Minister Ali al-Naimi said OPEC’s meeting on Wednesday was one of the worst he had attended after ministers failed to agree on raising output.
“We were unable to reach an agreement — this is one of the worst meetings we have ever had,” Naimi said.
Naimi said that Saudi Arabia was committed to supply the oil market with whatever oil it needed.
He said four Gulf Arab countries — also including the UAE, Kuwait and Qatar — had proposed an increment of 1.5 million bpd over OPEC’s 28.8 million bpd current production including Iraq, for overall output of 30.3 million bpd.
Of OPEC’s 12 members Libya, Algeria, Angola, Ecuador, Venezuela, Iraq and Iran were opposed, he said, wanting to keep production unchanged.