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Thu 5 Dec 2019 12:43 PM

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Kuwait oil minister happy with $60-$70 price per barrel

Khaled Al-Fahdel is attending OPEC conference in Vienna

Kuwait oil minister happy with $60-$70 price per barrel

Kuwait oil minister Khaled Al-Fahdel is happy to comply with the output agreement struck by OPEC and non-OPEC members.

Kuwait oil minister Khaled Al-Fahdel believes that $60-$70 for a barrel of oil is fair for producers and consumers.

Al-Fahdel was speaking to national news agency KUNA ahead of the 177th meeting of the Organisation of the Petroleum Exporting Countries (OPEC) conference in Vienna where he stressed the importance of ensuring a balanced global oil policy.

Thursday’s meeting is expected to be focused on deepening oil production cuts.

Al-Fahdel will also meet with Russia and others, a grouping known as OPEC+, on Friday.

OPEC+ has been trying to curtail oil output since 2017 to counter oversupply as a result of booming output in the United States, which has become the world's biggest producer and is not taking part in the output cuts.

The current output cut deal expires in March 2020 and is expected to be extended at least until June.

According to the report, Al-Fahdel said he is happy to comply with the agreement struck by OPEC and non-OPEC members.

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