We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 5 Jan 2011 05:17 PM

Font Size

- Aa +

No need for increase in OPEC oil - Kuwait

Kuwait's oil minister says oil at $80 to $100 a barrel is a 'fair price'

No need for increase in OPEC oil - Kuwait
PRICE FALL: Oil prices fell further from 27-month highs on Wednesday

Kuwait's oil minister said on Wednesday he considered oil at $80 to $100 a barrel to be a "fair price" and did not expect OPEC to increase output in the first half of this year.

Speaking to reporters outside the Kuwait parliament, Sheikh Ahmad Al Abdullah Al Sabah also said he did not foresee the oil producer group gathering ahead of its next scheduled meeting in June unless "something dramatic happens." He did not elaborate.

Last month, Al Sabah said that the global economy can withstand oil to be at $100 a barrel. Analysts have warned that the rallying oil price may hurt the global economy unless producing countries boost output this year.

Oil prices fell further from 27-month highs on Wednesday as a stronger dollar sapped investor risk appetite for commodities, despite signs of tighter oil supply fundamentals.

ICE Brent for February fell 50 cents to $93.03 a barrel, last month the price had spiked to $94.74 a barrel, its highest since October 2008.

Arabian Business: why we're going behind a paywall

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.