Kuwait Backs OPEC Moves to Shore up Oil Prices: MinisterKuwait on Saturday voiced support for any move by the Organization of Petroleum Exporting Countries (OPEC) to shore up oil prices, Kuwait's official KUNA news agency reported.Speaking to reporters upon return from Vienna after an OPEC monitoring committee meeting, Kuwaiti Oil Minister Adel Khalid al- Subeih said that his country will be satisfied with the minimum range of OPEC's targeted price of 22-28 U.S. dollars per barrel. "Plunging oil prices will harm OPEC member states and will undoubtedly lead to an action to raise prices," Subeih said. The minister added that since OPEC's last meeting, the oil prices have been "swinging and in continuous drop." The OPEC's crude oil basket price fell to a two-year low of 19. 48 dollars per barrel on Tuesday, well below the targeted price. OPEC members are currently holding extensive contacts to confront the decrease of the prices resulting from the fall of the world demand of energy. Kuwait, a close ally of the United States, has almost 10 percent of the world's proven oil reserves and has an OPEC production quota of 1.861 million barrels per day since September 1. |
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