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Tue 8 Jun 2010 05:42 PM

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No need for emergency OPEC meet - Kuwait

Current oil prices, at around $72 per barrel are acceptable, Sheikh Al Sabah says.

No need for emergency OPEC meet - Kuwait
OIL PRODUCER: Kuwait is the worlds fourth largest oil exporter.(Getty Images)

Kuwait's Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said on Tuesday that current oil prices were acceptable and there was no need for OPEC to call an extraordinary meeting. "Acceptable... $72 (is) acceptable," he told reporters at parliament when asked what he thought of current prices.

Oil prices were trading just around $72 a barrel on Tuesday at 0809 GMT, but Sheikh Ahmad said the favoured price for the group was between $75 to $85 a barrel.

Oil prices were expected to remain at current levels throughout the year, he said.

"It will come down, come a little bit up, but on average, it will be the same," he said.

Sabah said speculation was driving the market and he was not aware of any other OPEC members concerned that prices were around $70 a barrel.

He said Kuwait's highest oil policy body, the Supreme Petroleum Council, was expected to approve a previously stalled $15 billion project to build a 615,000 barrels per day (bpd) refinery before the end of the year.

Kuwait is the world's fourth largest oil exporter. (Reuters)

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