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OAPEC Member Countries
8
Volume
44
Issue
7
Kuwait’s Oil, Electricity and Water Minister HE Eng. Bakhit
Al Rashidi said that Kuwait will raise oil output to keep market
stability as agreed during the meetings of OPEC’s ministerial
committee on price monitoring.
He added in a press statement following the end of the 4th
ministerial meeting between OPEC and non-OPEC producers
that he expects the oil market to stabilize in general and that
the decision to increase production by one million bpd will
have positive effects on the world’s oil market.
Answering a question on the target price for Kuwait, the
minister said that Kuwait, like other producers, is not looking
for a specific price but basically seeking the stability of the
global oil market to serve the interests of producers and
consumers alike, as well as, the interests of oil investors.
He referred to investment in the oil industry saying
that price fluctuation would not serve market stability nor
investing in the oil industry on the long run as investors
would find it difficult to draw long term plans in light of such
fluctuations.
HE AL RASHIDI: KUWAIT WILL RAISE OIL
OUTPUT TO KEEP MARKET STABILITY