Kuwait's acting oil minister says prices 'fair'

Oil chief Mustapha al-Shamali also says Gulf state is producing 3m barrels per day

Mustapha Al-Shamali (R). (AFP/Getty Images)

Mustapha Al-Shamali (R). (AFP/Getty Images)

Kuwait's acting oil minister said on Wednesday current oil prices were "fair" and that the Gulf Arab state was producing around 3 million barrels of crude per day.

Mustapha al-Shamali, who is also finance minister, was speaking to reporters at an energy event in Kuwait.

He became the acting oil minister in May after Hani Hussein stepped down under pressure from parliament.

Hussein, a former chief executive at state petroleum company KPC, was targeted by MPs who wanted to interrogate him over a $2.2bn compensation payment paid by Kuwait's state chemicals company to Dow Chemical Co earlier this month.

He was one of several senior oil officials to resign following the Dow payment. The chief executive of KPC stepped down earlier this month and the company replaced senior executives at its units, after the cabinet said the oil industry needed an infusion of "new blood".

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