KUWAIT CITY: Kuwaiti Oil Minister Ali Al Omair said yesterday that current oil prices are “fair” despite strong geopolitical factors impacting the region.
“There are geopolitical factors impacting oil prices... which are not only controlled by output levels and production capacity but also by political changes,” Omair told reporters on the sidelines of the second Gulf Petroleum Forum.
“We, as exporters and importers, wish to see stability in production and prices,” he said, voicing hope that prices would remain “fair” as “they are now”.
The Kuwaiti minister said it is not necessary that “high prices are good for producers and low prices are good for consumers”.
Crude prices dropped in Asian trade yesterday after rebels agreed to reopen two of the four blockaded oil terminals in eastern Libya. New York’s main contract West Texas Intermediate for May delivery dropped 30 cents to $100.84 a barrel in afternoon trade and Brent North Sea crude for May slid 80 cents to $105.92. AFP
