KUWAIT CITY (AFP) – The current oil price is “acceptable” and there is no need for OPEC to hold an extraordinary conference, Kuwait’s Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Tuesday.
“The price (of oil) is acceptable,” said Sheikh Ahmad when asked about the current crude prices, adding he expects the price to continue to fluctuate but to remain within the current range until the end of the year.
The Kuwaiti minister also said he favours an oil price at between “75 and 85” dollars a barrel, adding there was no need for an extraordinary meeting of the Organisation of Petroleum Exporting Countries (OPEC) at this stage.
Oil edged up in Asian trade Tuesday as the European single currency recovered, spurring investor demand for crude futures.
New York’s main futures contract, light sweet crude for delivery in July, gained 47 cents to 71.91 dollars a barrel while Brent North Sea crude for July delivery was up 13 cents to 72.25 dollars.