Kuwait's Oil Minister says the Organization of Petroleum Exporting Countries (OPEC) will only boost output when the market requires.
"Organization of Petroleum Exporting Countries is prepared to increase supplies only if the market needs it," Kuwait's official KUNA news agency quoted Mohammad al-Olaim as saying in a statement. He added that high oil prices were not related to the fundamentals of supply and demand. The price of crude fell $1.72 on Tuesday to reach $126.04 per barrel on market concerns over global energy demand.
Organization of Petroleum Exporting Countries President Chakib Khelil said on Monday that he expects lower demand for oil this year because of the global economic slowdown and the prospects of using alternative energy sources.
With a production rate of 2.5 million barrels of oil per day, Kuwait is the Organization of Petroleum Exporting Countries's fourth largest producer. Organization of Petroleum Exporting Countries produces some 40 percent of the world's oil output.
"Organization of Petroleum Exporting Countries is prepared to increase supplies only if the market needs it," Kuwait's official KUNA news agency quoted Mohammad al-Olaim as saying in a statement. He added that high oil prices were not related to the fundamentals of supply and demand. The price of crude fell $1.72 on Tuesday to reach $126.04 per barrel on market concerns over global energy demand.
Organization of Petroleum Exporting Countries President Chakib Khelil said on Monday that he expects lower demand for oil this year because of the global economic slowdown and the prospects of using alternative energy sources.With a production rate of 2.5 million barrels of oil per day, Kuwait is the Organization of Petroleum Exporting Countries's fourth largest producer. Organization of Petroleum Exporting Countries produces some 40 percent of the world's oil output.
Source: PressTV
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