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.
Current oil prices are fair, Kuwait deputy minister says