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Post by bot on Jan 26, 2016 16:15:53 GMT -5
Kuwait hints OPEC ready to 'cooperate' to stabilize oil market: reports
Kuwait's OPEC Governor Nawal al-Fuzaia hinted on Tuesday that the Organization of the Petroleum Exporting Countries is ready to cut production in an effort to stem the persistent slump in oil prices. The governor told an energy forum in Kuwait that the cartel is ready to "cooperate" with others to stabilize the oil market, according to media reports. "OPEC is willing to cooperate with producers outside the group if they show that they are serious about cooperating with OPEC. Non-OPEC producers keep on making statements that they are willing to cooperate, but the reality is different," she said, according to Dow Jones Newswires. She also said prices are unlikely to climb back to 2014 levels of more than $100 a barrel and instead they could wobble around $40-$60 a barrel until 2020. Al-Fuzaia's comments came as crude and Brent prices both slid below $30 a barrel on Tuesday, sending renewed shivers through global financial markets. Prices, however, reversed and moved higher later in Tuesday's session. UPDATE: This report has been updated to clarify that al-Fuzaia said OPEC, and not specifically Kuwait, is willing cooperate with non-members.
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