OPEC won’t cut production even if oil below $40 – UAE energy minister — RT Business:
"The UAE Energy Minister Suhail Al-Mazrouei says OPEC will maintain output at 30 million barrels of oil a day, and wants to monitor the price for three months before even considering a meeting about possible changes.
“We are not going to change our minds because the prices went to $60 or to $40,” Mazrouei told Bloomberg on Sunday at a conference in Dubai.
“We’re not targeting a price; the market will stabilize itself,” he said commenting on a statement by a Venezuelan official on Friday who said the country may propose convening an extraordinary meeting of the cartel."
'via Blog this'
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