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Current oil prices are fair, Kuwait deputy minister says

Published: Updated:

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.