KUWAIT CITY, Sept. 7 - Kuwaiti Oil Minister Sheikh Ahmad Al-Abdullah Al-Sabah said Monday that OPEC does not need to scissor output as the current oil prices are satisfactory.
"No further cuts. I believe this is the general consensus," he said upon leaving for a Vienna meeting of the Organization of Petroleum Exporting Countries (OPEC).
The minister also foresaw oil prices ranging between "60 to 75 dollars a barrel and maybe 80."
Last year, OPEC slashed 4.2 million barrels per day to shore up slumping oil prices and match the fall in demand in the wake of the global economic woe.
The 12-member cartel, accounting for 40 percent of the global oil production, has kept output steady so far this year, betting that economic growth would turn around falling demand.
Kuwait, the fourth-largest exporter of OPEC, sits atop 10 percent of the world's proven oil reserves.
"No further cuts. I believe this is the general consensus," he said upon leaving for a Vienna meeting of the Organization of Petroleum Exporting Countries (OPEC).
The minister also foresaw oil prices ranging between "60 to 75 dollars a barrel and maybe 80."
Last year, OPEC slashed 4.2 million barrels per day to shore up slumping oil prices and match the fall in demand in the wake of the global economic woe.
The 12-member cartel, accounting for 40 percent of the global oil production, has kept output steady so far this year, betting that economic growth would turn around falling demand.
Kuwait, the fourth-largest exporter of OPEC, sits atop 10 percent of the world's proven oil reserves.
