03-05-2018

In response to Trump, Kuwait oil minister says OPEC not discussing prices

OPEC will focus on market stability and managing a supply glut — not prices — when the group meets in June, Kuwait’s oil minister said on Wednesday.

Asked about whether OPEC would raise output to bring down prices following remarks last month by U.S. President Donald Trump accusing OPEC of “artificially” boosting oil prices, Bakhit al-Rashidi said:

“We do not discuss prices at all. We focus on market stability and managing surpluses that have a big impact on inventories in global markets to guarantee market stability for producers and customers.”

The minister was speaking a day after members of Kuwait’s parliament submitted a motion to hold a no-confidence vote against him. Rashidi said he had no intention to resign ahead of the no-confidence vote, which will be held next week.

Source: Reuters

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