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

Mustapha al-Shamali says price range suits both producers and consumers

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!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Power to the people in Saudi Arabia

Power to the people in Saudi Arabia

As Saudi Arabia fights to control surging electricity demand...

The upstream movement: Oil producers must invest to avoid another crisis

The upstream movement: Oil producers must invest to avoid another crisis

While oil producers continue to debate a reduction in output...

Saudi's Naimi's battles against Western 'greed' shine light on Aramco IPO

Saudi's Naimi's battles against Western 'greed' shine light on Aramco IPO

Former minister releases memoirs 'Out of the Desert'; reveals...

Most Discussed
sponsoredTracking