KUWAIT CITY (AFP) - OPEC's decision Thursday not to cut oil output to support prices was prompted by fear of losing market share to competitors, Kuwait's oil minister said.
"Today, there are many competitors, and OPEC pumps just 30 per cent of global output," Ali Omair told local Al-Watan satellite channel from Vienna, where he attended the OPEC meeting.
"It was inevitable to take the right decision not to cut production because it can be compensated by others present in the market, who have the ability to do so."
"Accordingly, we decided that price will adjust itself based on supply and demand and that OPEC is supposed to safeguard its market share in order not to lose its clients," the Kuwaiti minister said.
"OPEC will no longer accept to bear the additional burden of cutting production while others rush to raise their output," he said.