Kuwait: Current oil prices acceptable

26 Apr 2010

(MENAFN) Kuwaiti Oil Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah said that the current oil prices between $75 and $85 per barrel are acceptable and that Kuwait will not seek higher prices, Xinhua reported

While addressing the opening ceremony of the 18th Middle East Oil and Gas Conference held in Kuwait City, he said that this level makes most new projects economically viable, and facilitates further investment planning, the minister said.

Sheikh Ahmad, who is also the oil-rich emirate’s information minister, said that around the current oil prices is an agreement between the producers and consumers.

Kuwait is the fourth-largest exporter of the Organization of Petroleum Exporting Countries (OPEC) and boasts around 10 percent of the world’s proven oil reserves.

The Gulf Arab country’s oil output capacity stands at 3.1 million barrels per day and pumps out around 2.3 million barrels per day under OPEC’s quota. It has the ambition to lift its production to 4 million barrels per day by 2020.

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