"I don't think that this decision is beneficial to all OPEC member countries because some countries in OPEC were against this decision; however, because of the unity and solidarity of OPEC, we decided not to protest this decision," said Iranian oil minister Bijan Zanganeh, as quoted by Shana, an Iranian media source.
Iran insists that the swift drop in oil prices was caused by the Persian Gulf exporters' deliberate policies, which are aimed at undermining Tehran's economy.
During the OPEC meeting in Vienna on November 27, the Saudi oil minister called upon members of the organization not to reduce crude oil production in order to deal a heavy blow to North American shale oil producers, Reuters notes. The United Arab Emirates energy minister praised OPEC’s decision:
"We don't support being a swing producer whenever the price falls; the decision benefits the market, the customers and the world economy. OPEC countries will compensate for any decline in the world supply as we are the most cost-effective producers compared to unconventional ones," Suhail bin Mohammed al-Mazroui claimed on Twitter, Reuters reports.
"In our view, [OPEC's] decision throws the market balance into crisis most acutely in the first half of 2015 when seasonal demand is weak, and perhaps before US tight oil producers have had a chance to make any major adjustment to activity levels. We estimate that sustained pricing at $60 [per barrel] of WTI is the level which would trigger a material shift in the trajectory of US production growth," Deutsche Bank strategist Michael Hsueh, as quoted by the Wall Street Journal.
In trading on Friday November 28, oil prices fell to below $70 per barrel.
