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Current output can stabilize oil prices, says Kuwaiti Energy Minister - ASHARQ AL-AWSAT English Archive
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Kuwait city, Asharq Al-Awsat- Oil prices should fall in the second quarter if OPEC maintains production at current levels and there is no significant rise in international tension, Kuwait’s energy minister, Sheikh Ahmed Fahd Al Ahmed Al

Sabah, said Monday to the Associate Press.

Speaking two days before an OPEC meeting, Sheik Ahmed said Kuwait’s position was that the 11-nation oil group should maintain its current production ceiling of 28 million barrels a day “just to help the prices be more stable.”

“There is oversupply in the second quarter,” said Sheikh Ahmed, adding that he expected a surplus of 1.5 million to 2 million barrels a day in April through June.

“I believe still the prices are high,” he told reporters in English in the lobby of parliament.

In Asian trading early Monday, the price of light, sweet crude for April delivery was US$63.50 a barrel in electronic trading on the New York Mercantile Exchange.

The Organization of Petroleum Exporting Countries is due to meet Wednesday to consider policy for the coming months.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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