Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said Thursday the Organization of Petroleum Exporting Countries will step in to alter output if crude prices top $100 a barrel.
Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said Thursday the
Organization of Petroleum Exporting Countries will step in to alter output if
crude prices top $100 a barrel.
"If prices of oil go above $100, then OPEC will meet to take a decision on
production levels," in a bid to boost supplies, the Kuwaiti minister told
reporters outside parliament.
But Sheikh Ahmad stressed any decision will greatly depend on prevailing
"market situations and supply and demand."
The minister also said he was happy with the current oil price, which has been
hovering around $85 a barrel for some time.
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