OPEC cuts quotas by one mln barrels per day

The decision of OPEC's session in Vienna to cut quotas for extraction and exports of crude oil in light of the extremely high prices for oil products is irrational.

This is the statement of Sheikh Mohammad al-Sabah, foreign minister of Kuwait (OPEC member), that was made public on Monday by the OPEC secretariat general. Kuwait, however, voted in favour of reducing oil exports by one million barrels per day from April 1.

On the other hand, the Kuwaiti minister stressed that the decision of OPEC's Vienna conference had caused no sharp increase in oil prices.

Kuwait believes that no decisions detrimental to the global economic growth should be adopted, the minister said.

Decisions of top-level forums of the international oil cartel are adopted unanimously, therefore oil experts are puzzled by the position of OPEC member Kuwait, which first voted for the decision to cut oil quotas, and now calls this decision improper and irrational.