Kuwait’s acting deputy oil minister said on Sunday that the oil market is balanced and current prices are fair.
“The current oil prices of around $74 per barrel are fair prices ... And Kuwait is committed to its agreed quota under the production reduction agreement,” Sheikh Talal Nasser Al-Izabi al-Sabah told reporters.
“Oil prices are currently supported by geopolitical tensions in Libya, Venezuela, Nigeria, sanctions on Iran and a decrease
in US inventories,” al-Sabah added.
Also Read
-
Two foreign workers kidnapped from oil rig in Nigeria’s Delta
Gunmen kidnapped two foreign workers from an oil rig in Nigeria’s Delta region on Saturday, the military said - the second abduction there in ... World News -
Russia won’t immediately raise oil output after Iran waiver ends
Russia will not immediately raise oil output after the United States ends sanctions waivers for buyers of Iranian crude in May, President Vladimir ... Energy -
Turkey says trying to convince the US to allow Iranian oil imports
Turkey is trying to convince the United States to allow refiner Tupras, its biggest oil importer, to continue buying crude oil from Iran free of ... Energy -
Saudi Aramco CEO: Not worried about electric vehicles affecting oil demand
President and CEO of Saudi Aramco Amin Nasser said that electric vehicles are not a threat to oil demand because even in aggressive growth scenarios, ... Energy
