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Kuwait: No OPEC Cut This Month

Bloomberg reports that “OPEC won’t cut its collective crude output when it meets later this month and global oil prices will stabilize once the surplus is absorbed by the market, Kuwait Oil Minister Ali Al-Omair said.”  

“OPEC, which supplies about 40 percent of the world’s oil, meets Nov. 27 to debate supply. The 12-member Organization of Petroleum Exporting Countries, which has a production target of 30 million barrels a day, pumped 30.974 million barrels a day in October, according to data compiled by Bloomberg.”  

“’I don’t think there will be any cut in the production,’ Al-Omair said at a conference in Abu Dhabi in the United Arab Emirates. ‘We feel prices will settle down once surplus oil is absorbed.’”

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