Al-Naimi: We refuse that OPEC takes sole responsibility

Al-Naimi: We refuse that OPEC takes sole responsibility
Updated 22 March 2015

Al-Naimi: We refuse that OPEC takes sole responsibility

Al-Naimi: We refuse that OPEC takes sole responsibility

RIYADH: Petroleum and Mineral Resources Minister Ali Al-Naimi said that OPEC would not take responsibility alone, referring to the current oil market situation.
Last November, the Organization of the Petroleum Exporting Countries decided to keep production unchanged to defend market share and curtail the output of more expensive producers such as the US. The move accelerated an already sharp oil price drop.
“It is a difficult situation, we refuse that OPEC takes responsibility alone,” he told journalists.
He said Saudi Arabia pumped around 10 million barrels of oil per day (bpd), and was ready to meet more if customers want.
But he added that the country had no plans to increase current production capacity beyond 12.5 million bpd.