Saudi Arabian Oil Minister Ali al-Naimi is optimistic that crude oil prices will be steady next year, the Wall Street Journal said.
Earlier this month OPEC — the Organization of the Petroleum Exporting Countries — moved to keep its output ceiling unchanged.
“The ceiling of the group was kept unchanged because the oil market is in a stable condition and oil prices are suitable for everyone,” Naimi said at an industry event in Doha Saturday. “I’m optimistic about the future, as I see that the stability of the petroleum market will continue next year.”
Some OPEC members want to cut production quotas to keep prices up, even if global output rises, the Wall Street Journal said.
“Gulf OPEC officials have said that Saudi Arabia, the cartel’s kingpin, won’t unilaterally cut oil production as it and fellow OPEC members discuss how to cope with a possible increase in global crude output,” the WSJ said.
Niami said Arab producers “will continue to work to balance the market and stabilize prices,” according to the report.