Kuwait's acting oil minister says prices 'fair'

Oil chief Mustapha al-Shamali also says Gulf state is producing 3m barrels per day
Kuwait's acting oil minister says prices 'fair'
Mustapha Al-Shamali (R). (AFP/Getty Images)
By Reuters
Wed 19 Jun 2013 01:38 PM

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".

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 our Newsletter

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.