Kuwait Oil Minister Ali Al Omair yesterday (November 29) urged non-Opec crude producers to co-operate to help stabilise the oil market and prevent sharp fluctuations in prices, a report said.

The minister called on producers from outside Opec to 'co-operate with the organisation to guarantee stability of the market and prevent major swings in oil prices', reported the Gulf Daily News, our sister publication, citing the official Kuna news agency.

Ali Omair was speaking from Vienna, where on Thursday the 12-member Opec cartel decided to keep its production ceiling unchanged sending oil prices crashing.

Al Omair insisted the Opec decision was 'right' and the 'best solution at the present time', adding it was based on market information.

He said Opec members agreed to hold their next meeting in June and decided against convening an emergency session unless necessary.

Global oil prices plunged on Friday to new multi-year lows after Opec's decision despite an oversupplied market.

US benchmark West Texas Intermediate for delivery in January closed at $66.15 a barrel on the New York Mercantile Exchange, down $7.54 from the closing price on Wednesday. It was the lowest WTI close since September 2009.

Brent oil for January delivery sank below $70 for the first time in four-and-a-half years, to $69.78 a barrel. Brent settled at $70.15 a barrel, down $2.43 from Thursday's close. – TradeArabia News Service