Saudi Oil Minister: Difficult For OPEC to Cut Output

Rising oil production by non-members of the Organization of the Petroleum Exporting Countries made it difficult for the cartel to cut supplies and control prices at its most recent meeting in November, Saudi Arabia's oil minister Ali al-Naimi said.

"The share of OPEC, as well as Saudi Arabia, in the global market has not changed for several years...while the production of other non-OPEC [countries] is rising constantly," Mr. al-Naimi said in remarks published in Arabic on the official Saudi Press Agency, or SPA, Thursday.

"In a situation like this, it is difficult, if not impossible, for the kingdom or OPEC, to take any action that may result in lower market share and higher quotas from others, at a time when it is difficult to control prices," Mr. al-Naimi said.

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