Minister of Petroleum and Mineral Resources Ali bin Ibrahim Al-Naimi said that what the international petroleum market is going through now is an incidental problem, caused by the combination of several factors all at one time. In an interview with the Saudi Press Agency which inquired about the current oil market situation, he said, "I am optimistic by nature, and I know that what the market is going through now is an incidental problem caused by the combination of several factors all at one time, including the slowdown of global economic growth significantly and increased oil supplies from several areas, particularly from high-cost areas from non-OPEC countries, at a time of slowing global demand growth for oil more than expected." When Minister Naimi was asked about the possibility of doing something by OPEC countries, the Kingdom of Saudi Arabia in particular, to restore balance to the market, he replied, "The share of OPEC, as well as of the Kingdom of Saudi Arabia in the global market have not changed for several years, which is in the range of 30 million barrels daily for OPEC of which about 9.6 million barrels per day is the production of the kingdom, while the production of other non-OPEC has been increasing constantly." He added, "In a situation like this, it is difficult, if not impossible, that the Kingdom or OPEC would carry out any action that may result in a reduction of its share in market and an increase of others' shares, at a time in which it is difficult to control prices; thus, we lose the market and lose the prices together." --More 13:52 LOCAL TIME 10:52 GMT تغريد
