Kuwait's Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said Monday he saw no need to cut oil output and he believed Organization of Petroleum Exporting Countries members were in agreement to maintain production.
"No further cuts," the minister told reporters before leaving for Vienna to attend an OPEC meeting. "I believe this is the general consensus," among OPEC members.
He said Kuwait and other Gulf members will "push for more compliance" of production quotas amid overproduction by several members that raised stockpiles rapidly.
OPEC, whose 12 members pump 40% of the world's oil, agreed in late 2008 to remove a massive 4.2 million barrels a day of output from the market in a bid to shore up crumbling prices. The official daily quota of OPEC minus Iraq has been set at 24.84 million barrels a day since January, but various sources say that actual production is above 26 million barrels a day.
Al-Sabah said current oil prices are satisfactory.
"So far so good,' said the minister, who said he foresaw prices ranging between "$60 to $75 a barrel and maybe $80."