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Oil Price "Very Comfortable": Kuwait - ASHARQ AL-AWSAT English Archive
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KUWAIT CITY, (AFP) — Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Sunday the price of oil is “very comfortable” despite crude having slid below 82 dollars a barrel.

Speaking to reporters on the sidelines of the second “Kuwait Financial Forum”, the minister said he expects no change in output quotas at the next meeting of the Organisation of Petroleum Exporting Countries (OPEC).

Oil prices closed Friday below 82 dollars despite new data showing a modest rise in US economic output.

New York’s main contract, light sweet crude for December delivery, fell 75 cents to close at 81.43 dollars a barrel.

In London, Brent North Sea crude for December shed 44 cents to settle at 83.15 dollars.

The OPEC cartel decided at an October 14 ministerial meeting in Vienna to keep its official oil production target unchanged at 24.84 million barrels a day.

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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