Saudi Arabia's Minister of Petroleum and Mineral Resources Ali bin Ibrahim Alnaimi announced that the Organization of Petroleum Exporting Countries (OPEC) energy ministers meeting in Cairo Friday has agreed that the cartel will from January cut overproduction by a million barrels per day (bpd), denying reports that the decision was opposed by at least one member country. In press remarks on the fringes of OPEC's ministerial council's 133rd meeting, Alnaimi said we will do our best to stabilize the oil market. Asked if the cut would affect the prices, he confirmed that the prices process is governed by the seller and buyer, rejecting at the same time the expectations that that would affect oil prices. He added that "we are not concerned with the price ups and downs, but we are in charge of price stability and our aim in OPEC is always a general aim: to seek the stability of oil prices and to achieve a fair price for both the producer and consumer as well as the investor on condition that this would not affect the growth of world economy". On the Kingdom's current share of 9.5 million bpd, the Saudi minister said "we are with the stability of market and that the Kingdom's share will be fixed according to the cartel's quota system". On Iraq's position, he said that Iraq is out of the organization's current production ceiling of 27 million bpd.
