Minister of Oil and Minister of State for National Assembly Affairs Ali Saleh Al-Omair described the (OPEC) Ministers’ decision to maintain production rates unchanged as a "Right" decision stressing that it was based on the global oil market data. Minister Al Omair said in an interview with Kuwait News Agency (KUNA) that "the intensive deliberations of OPEC ministers about price developments and production led to their agreement to keep the cartel's production ceiling at 30 million barrels per day as the best solution at the moment”. He added that “the member states agreed to hold its next meeting in June 2015, while continuing to monitor developments in the oil market closely, "stressing that there is no intention to hold an extraordinary meeting unless a need arise. Minister Al Omair stressed that the existence of a production surplus in the current market and slowness of global economic growth will not last long; pointing out that the surplus will gradually be absorbed, which will reflect positively on prices. He pointed out many indications about many countries, especially in Europe and East Asia, the Middle East, taking series measures, including lowering interest rates to stimulate their economies. Minister Al Omair stressed on the need to promote economic growth to be reflected positively on oil market and to increase the demand for crude oil, which will push prices upward
He called on producers from outside (OPEC) to cooperate with the organization to ensure market stability and to prevent the occurrence of a large fluctuation in oil prices. (OPEC’s) oil ministers had decided at the end of the ministerial meeting, which was held last Thursday to keep the cartel's production ceiling stable three years ago unchanged at 30 million barrels per day. The Ministers recommended caution against the risks associated with developments in the global economy in the future and to monitor supply, demand and speculation in markets, which constitute one of the main reasons behind the significant decline in oil prices.