Current oil prices are fair, Kuwait deputy minister says

An oil tanker loading crude at Mina Al Ahmadi Port, 40 km south of Kuwait City. (AP)

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.

Last Update: Wednesday, 20 May 2020 KSA 09:55 - GMT 06:55