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