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Kuwait oilmin moots ‘balance’ while increasing prices of oil

KUWAIT CITY, Jan 12, (KUNA): Kuwaiti Oil Minister and Minister of State for National Assembly Affairs Dr Ali Al-Omair said Sunday that any opportunity to raise the prices of oil would be taken provided it does not affect the country “negatively”, regarding such steps as aiming to ensure “balance.” Promises cannot be given of the country’s ability to compensate any drop in supply to global markets, he told reporters, adding that increasing production is being discussed in order to “reach a level higher than the current level of production through a number of explorations.”

On his evaluation of current oil prices, Al-Omair said that the country’s direction was to keep prices in the range of the $100 per barrel mark. On the political situation in the country, he expressed optimism that there would be “continuous coordination” and “a huge understanding through consultations” between the two executive and legislative branches in the future, assuring their commitment to resolving “complicated issues.” The two will work together to break the deadlock, said the minister, adding that the government would be doing its best to work alongside the parliament in accordance with the constitution.

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