Kuwait's oil minister said Monday he agreed with comments made a day earlier by his Saudi counterpart that world crude oil markets are oversupplied.
Kuwait
's oil
minister said Monday he agreed with comments made a day earlier by his Saudi
counterpart that world crude oil markets are oversupplied.
"There is sufficent oil supplies in the market," Sheik Ahmad Al
Abdullah Al Sabah said at the sidelines of a meeting of Asian energy ministers
in
Kuwait
.
Asked whether he agreed with
Saudi
Arabia
's Ali Naimi, who said Sunday
that the global oil market is oversupplied, Sheik Ahmad said: "Yes, the
market is oversupplied."
He added that oil prices "are mainly driven now by speculation,
geopolitics."
Sheik Ahmad said a loss in exports from
Libya
had
been compensated for and no Organization of Petroleum Exporting Countries
country was seeking an increase in the group's output target. About 1 million
barrels a day of crude exports have been lost from
Libya
due
to the country's civil war.
"Libyan oil shortage has been compensated...no OPEC member is asking for
output hike," he said.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in
May traded at $107.91 a barrel at 1230 GMT, down $1.75
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