Kuwait urges non-OPEC cooperation to stabilize market

Kuwait Oil Minister Ali al-Omair on Saturday urged non-OPEC crude producers to cooperate to help stabilize the oil market and prevent sharp fluctuations in prices, official KUNA news agency said.

The minister called on producers from outside OPEC to “cooperate with the Organization of Petroleum Exporting Countries to guarantee stability of the market and prevent major swings in oil prices.”

He was speaking from Vienna, where on Thursday the 12-member OPEC cartel decided to keep its production ceiling unchanged sending oil prices crashing.

Omair insisted the OPEC decision was “right” and the “best solution at the present time,” adding it was based on market information.

He said OPEC members agreed to hold their next meeting in June and decided against convening an emergency session unless necessary.

Global oil prices plunged Friday to new multi-year lows after the OPEC the decision despite an oversupplied market.

U.S. benchmark West Texas Intermediate for delivery in January closed at $66.15 a barrel on the New York Mercantile Exchange, down $7.54 from the closing price Wednesday. It was the lowest WTI close since September 2009.

Brent oil for January delivery sank below $70 for the first time in four and a half years, to $69.78 a barrel. Brent settled at $70.15 a barrel, down $2.43 from Thursday’s close.