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Kuwait says oil prices are 'very good'

Kuwait says oil prices are 'very good'

Kuwait's oil minister says OPEC is not expected to raise output before its members achieve "100 percent" compliance with production quotas.
Sheik Ahmed Al Abdullah Al Sabah also told reporters Tuesday that current oil prices are "very good," and that the Organization of the Petroleum Exporting Countries would hold a special meeting if oil hits $100 per barrel.
The oil producing bloc, which includes Kuwait, has not changed its output targets since the end of last year when it said it was lowering production by 4.2 million barrels per day from September 2008 levels to buoy collapsing oil prices.
While prices have since more than doubled, reaching $79 per barrel on Tuesday, OPEC quota compliance has been faltering.
OPEC is scheduled to meet Dec. 22 in Angola.


Updated : 2021-07-25 18:43 GMT+08:00