Kuwait says current oil prices "acceptable," not hamper world economic recovery

20:19, April 26, 2010      

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Kuwaiti Oil Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah said Monday the current oil prices that are hovering between 75 and 85 U.S. dollars per barrel are acceptable and it will not "create hurdles to the world's economic recovery."

"This level makes most new projects economically viable, and facilitates further investment planning," the minister said while addressing the opening ceremony of the 18th Middle East Oil and Gas Conference held in Kuwait City.

Sheikh Ahmad, who is also the oil-rich emirate's information minister, said that around the current oil prices is an agreement between the producers and consumers.

Kuwait is the fourth-largest exporter of the Organization of Petroleum Exporting Countries (OPEC) and boasts around 10 percent of the world's proven oil reserves.

The Gulf Arab country's oil output capacity stands at 3.1 million barrels per day and pumps out around 2.3 million barrels per day under OPEC's quota. It has the ambition to lift its production to 4 million barrels per day by 2020.

Sheikh Ahmad said under the country's clean fuels project, Kuwait has brought on agenda plans to produce clean oil products that are environmentally friendly.

Source: Xinhua


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