Kuwait’s Oil Minister: OPEC Will Not Talk About Prices At Its Next Meeting

Baghdad, The Organization of the Petroleum Exporting Countries (OPEC) will focus on stabilizing the market and managing the oil glut, not prices, when it meets in June, the Kuwaiti oil minister said.Asked whether OPEC would increase production to reduc...

Baghdad, The Organization of the Petroleum Exporting Countries (OPEC) will focus on stabilizing the market and managing the oil glut, not prices, when it meets in June, the Kuwaiti oil minister said.

Asked whether OPEC would increase production to reduce prices after comments by US President Donald Trump last month accusing OPEC of raising prices "artificially," Minister Bakheet al-Rashidi said: "We are not talking about prices, we are talking about the stability of the market and control of the increases, which have a significant impact on the stocks of oil materials in the global markets, ensuring the stability of the market, especially for consumers and producers.

Rashidi said he had no intention of resigning ahead of a no-confidence vote due next week.

Source: National Iraqi News Agency