Adipec 2015: Opec not ready to cut oil output, says secretary general | The National:
"Opec, which pumps around 40 per cent of the world’s oil, expects higher crude prices next year but is not yet ready to cut its output and risk allowing other higher cost producers the opportunity to grab market share.
“We are following the market day in day out, month in month out. We see that 2016 is really producing some positive results,” said Abdalla Al Badri, the organisation’s secretary general at the Adipec oil and gas conference in Abu Dhabi on Tuesday.
The 12-member organisation meets next on December 4 in Vienna to decide on its output policy which is focused on protecting market share rather than propping up prices by reducing its output. Opec kept its production ceiling at 30 million barrels per day (bpd) at its previous meeting in June."
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