KUWAIT CITY, September 8, 2008 (AFP) – Kuwait’s Oil Minister Mohammad Al-Olaim said on Monday as he left for an OPEC meeting that he saw no need to cut the cartel’s oil production. New York’s main contract, light sweet crude for delivery in October, rose 65 cents to 106.88 dollars a barrel in electronic deals while Brent North Sea crude for October climbed 51 cents to 104.60 dollars.
“We don’t think there is a requirement for a decrease in production,” he said ahead of Tuesday’s meeting in Vienna, adding OPEC should closely monitor developments in the oil market, especially regarding supply and demand.
“We do think that we have to pay attention to the mechanism of the market, supply and demand, and inventories and their impact on future demand. We have to talk on the supply-demand mechanism, what’s available in the market now and the future forecast,” he said.
“All these (factors) will decide what we will do and if we have to do anything or not,” he said, adding: “We are not the ones who decide the prices. We are looking for the stability of the market and availablity of products.”
Kuwait is the fourth largest oil producer in OPEC and pumps about 2.58 million barr