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.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.