Gulf states likely to urge OPEC output unchanged

NO CHANGE: The Gulf members of OPEC are expected to try to persuade other members to keep oil output unchanged this week. (Getty Images)

The Gulf members of OPEC are expected to try to persuade other members to keep oil output unchanged when they convene this week as oil prices above $100 a barrel pressure the global economy.

The GCC countries are responsible for half of OPEC’s oil output.

Saudi Arabia, the largest oil producer in the world, the UAE, Qatar and Kuwait may discard suggestions from Venezuela and Iran to cut supplies at the September 9 meeting in Vienna, Bloomberg reported, citing 29 out of 32 energy analysts surveyed.

Mike Wittner, head of oil research at Societe Generale SA in London, told the newswire that most OPEC members “don’t want to send prices skyrocketing by announcing a cut” as it “probably doesn't want to see another run at $150”.

Oil producing countries may not take action to stop oil’s decline, which has retreated more than 25 percent from its record $147.27 on July 11, especially with the slowdown of the global economy, affecting demand for energy and consequently reducing their income.

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