KUWAIT CITY: ARAB NEWS
Published — Tuesday 26 March 2013
Last update 27 March 2013 8:12 pm
The Kingdom said yesterday that $100 a barrel is a “reasonable” price for oil while Kuwait said the price is “fair” and the market was stable.
“In 1997, I thought 20 dollars was reasonable. In 2006, I thought 27 dollars was reasonable,” said Minister for Petroleum and Mineral Resources Ali Al-Naimi in Kuwait City on the sidelines of a Gulf oil conference.
“Now, it is around $ 100 ... and I say again it is reasonable.”
Kuwait’s Oil Minister Hani Hussein said the “current oil price is fair.”
“There is a little bit of over-supply, but we think that the market is stable at the moment,” he said.
“We are generally happy with the oil prices at the moment ... We think that the prices now reflect the market (situation) in general ... Basically, the market is balanced,” the Kuwaiti minister said.
Hussein also said that Kuwait’s oil production at present is “a little bit below 3.0 million barrels per day because there are some maintenance work,” adding that after the maintenance is completed soon Kuwait will return to 3.0 million bpd.