According to media in Kuwait City on August 19 reported that the Kuwaiti Oil Minister Sheikh Ahmad Abdullah Al-Sabah said here today that the current oil prices are at a satisfactory price, therefore, Kuwait that the Organization of Petroleum Exporting Countries (OPEC), there is no need for the September 9 meeting to change the oil supply.
U.S. crude oil futures at today's transactions be maintained at above 69 U.S. dollars a barrel, the OPEC oil prices and invest in the future energy supply for the identified objective of 75 U.S. dollars a barrel level. Reuters quoted Al-Sabah in Kuwait Parliament on the content of the speech reported that there is no need for OPEC to increase or reduce oil production. Kuwait believes that the current OPEC production quota is appropriate.
Oil supplies accounted for more than one third of the world's total supply of OPEC will meet on September 9 to discuss supply policy. Al-Sabah said last week that if oil prices remained stable in September OPEC meeting to cut production would not be necessary.
Aug. 20, 2009
