OPEC to maintain $22-$28 price — Kuwait Oil Minister
Posted: 6 October 2003
The Kuwaiti energy minister, Sheikh Ahmad al-Fahd al-Sabah has
said the Organisation of Petroleum Exporting Countries is working
hard to keep to the preferred price rate of $22-$28 per barrel.
Speaking at Kuwait airport where he was welcoming welcoming Prime
Minister Sheikh Sabah al-Ahmad al-Sabah who was returning from London,
Sabah said, "OPEC is working on having a balance between itself
and the global economy, that's why we have the $22-$28 range. We
will try to maintain this price as much as possible."
OPEC's basket of crude oils was valued at $27.60 a barrel on Thursday,
up from Wednesday's $27.08, according to OPEC’s news agency.
Asked about a proposal by Hugo Chavez, president of OPEC member
Venezuela, who wants OPEC to raise its price range by $3-$4 a barrel,
Sabah said he did not favour a change in OPEC's existing price target.
Late last month OPEC ministers meeting in Vienna agreed to cut
production from November 1 by 900,000 barrels per day to 24.50 million
barrels per day in a bid to shore up prices. The Kuwaiti minister
said on Thursday OPEC may not need to cut output at its December
meeting if oil prices stay high.
The Kuwaiti minister also said he welcomed the return of Iraqi
oil to world markets.
Posted by Richard Price,
Editor Pipeline Magazine
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