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38

OPEC Satisfied With Current Oil Prices

Kuwaiti Energy Minister Sheikh Ali Jarrah al-Sabah said OPEC countries were "satisfied" with the current price

Kuwaiti Energy Minister Sheikh Ali Jarrah al-Sabah said OPEC countries were "satisfied" with the current price of oil but were concerned about stocks.

"I believe that OPEC members are satisfied with these prices, but we are afraid from the impacts of the (large) stocks," Sheikh Ali said before leaving to attend the OPEC meeting in Abuja, Nigeria.

Asked if Kuwait supports calls to cut the cartel's output by 500,000 bpd, the minister said: "We must look into reports to be provided by the OPEC secretariat."

At its last meeting in Qatar in October, the Organisation of Petroleum Exporting Countries approved a cut in its output quota of 1.2 mln bpd to stem falling prices, which have dropped from above 78 usd in July.