OPEC: Oil Prices Are Reasonable Now

Current oil prices are just right and suitable for both producers and consumers, Sheikh Ahmad al-Fahad Al-Sabah, president of the Organization of Petroleum Exporting Countries, said here Thursday.

Ahmad, who is also the Kuwaiti Minister of Energy, made the remarks to reporters before leaving for Qatar to negotiate a joint petrochemical project.

He told the reporters that OPEC's production is now at 30.3 million barrels per day (bpd), which means a surplus of over two million bpd.

Earlier on Sunday, Ahmad said that OPEC will continue the current pumping level in the third quarter of this year, adding that the production will be lifted during the final quarter to meetmarket demand if necessary.

Oil prices have stood at about 50 US dollars per barrel so far this year, with a record high of $58.28 in early April.