Kuwait oil min says $100-$110 is a fair price

  • Share via facebook
  • Tweet this
  • Bookmark and Share

Kuwait believes an oil price of $100-$110 a barrel is fair for producers and consumers, the Gulf OPEC state's oil minister was quoted as saying on Sunday.

"The fair price for a barrel of oil - that suits all parties whether producers or consumers - is between $100 and $110," Mustapha al-Shamali was quoted as saying by Kuwaiti daily al-Seyassah.

Kuwait is currently producing around 3.2 million barrels a day of oil, he said.

Shamali, a finance ministry veteran who was named oil minister in August, admitted that Kuwaiti politics had hindered the development of the country's vital energy industry.

The sector has "suffered greatly from policy interventions in its projects," the paper quoted him as saying in unusually blunt remarks for a Gulf minister.

Several large development projects have been cancelled in Kuwait in recent years, due to political infighting.

The biggest failure, a joint chemical venture with Dow Chemical Co, forced Kuwait into a $2.2 billion compensation payment earlier this year. This led to mass resignations of senior positions in the energy sector, including Shamali's predecessor.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Saudi king keeps close hand on oil in remodelling strategic team

Saudi king keeps close hand on oil in remodelling strategic team

King is clearly laying the ground for a generational shift in...

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Insider: Oil and gas sector in fear of hackers as cyber attacks surge 179%

Experts have put the vital industry on high alert as the threat...

Saudi Arabia adds to oil power with new refineries

Saudi Arabia adds to oil power with new refineries

Two state-of-the-art plants set to redefine Gulf kingdom's role...

Most Popular
Most Discussed