Gulf producers may reject Opec cuts to guard market share

Kuwait City

GULF oil producers led by Saudi Arabia will likely reject output cuts at an Opec meeting next week unless they are guaranteed their market share in a highly competitive market, analysts say.

The stance of Kuwait, Qatar, United Arab Emirates (UAE) and Saudi Arabia is seen as crucial for a positive Opec decision on reducing supplies to boost crude prices, which have shed a third of their value since June.