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.