Comments from Kuwait minister of state for cabinet affairs:
- Gulf countries can face wave of low oil prices by working together within OPEC
- Oil prices may remain low for long period but strong demand is likely to support a rebound in prices
When OPEC members talk about 'working together' they mean Saudi Arabia reducing supply but that's just not going to happen. At this point, OPEC is an imaginary organization that's only their to feed the egos of the ministers. Everyone is pumping at max capacity and will continue to do so.
Meanwhile, WTI prices have been under constant pressure since US traders arrived and are now down 48-cents to $43.81.
Oil prices have declined for four consecutive days after a little squeeze to $48 in the middle of last week.
