In the summer of 2014, Al-Naimi disclosed that when the prices began to slump, due to various factors, including weak demand was the first and foremost as well as the increase of production outside OPEC, we made clear to our co-members that the Kingdom is ready to reduce its production, provided that a just and credible mechanism is established. Joint action at the world level is a must, hence, we run a series of extensive contacts, shuttling visits and meetings to strike a deal, but the main producers from outside OPEC were either not willing or not capable of reducing their outputs, he said, adding that, consequently, OPEC member states declared, unanimously, to keep the level of the output to defend its stake, in the market to prevent yielding it to the advantage of the other exporters. We are not in competition with any one, he asserted, neither with shale producers or otherwise, however we are recalling the lesson of the mid 80s, when we lost our clients following a double loss of reducing the output from 10 million barrel per day to only 3 million barrel per day as well as the slump of the prices from over $40 a barrel to less than $10 a barrel. -- More 00:33 LOCAL TIME 21:33 GMT www.spa.gov.sa/w