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Kuwait says no need for OPEC output cut
By Dave Clark
AFP
RAMADI, Iraq
Petroleumworld.com 03 14 07The OPEC oil cartel does not need to cut output at its meeting this week because the market is balanced, Kuwaiti Energy Minister Sheikh Ali Jarrah al-Sabah said Tuesday.
"We don't see a need for reducing oil production at present. There is a balance between supply and demand and the price is good," he said, quoted by the KUNA news agency.
He added that the key issue now is to prevent oil prices from fluctuating sharply, saying that would hurt both producers and consumers.
Analysts expect the Organisation of Petroleum Exporting Countries to maintain its official production quota of 25.8 million barrels per day, when it meets in Vienna on Thursday.
In December, OPEC decided to cut production by 500,000 bpd from February 1, following a reduction of 1.2 million bpd in November.
The United Arab Emirates also expressed satisfaction with the state of the market.
"Currently, there is a balance in supply, demand and world commercial oil inventories," Oil Minister Mohammed al-Hamili said, according to the official WAM news agency.
AFP 13 1440 GMT 03 07
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