KUWAIT - Oil prices and demand are "good" under the current economic circumstances, Kuwait's ruler said on Sunday, adding that economic growth in Asia will drive future demand for crude.
"There is no doubt that the crisis has had an effect, but its effect was relatively limited and the decline in prices during this crisis was expected," Emir Sheikh Sabah al-Ahmad al-Sabah told state news agency KUNA.
Economic growth in East Asia and the Indian subcontinent will drive oil demand in the future, he added.
"We see that OPEC members' cohesion in setting an output ceiling for oil and complying with it will be a safety valve for the OPEC countries economies in general and the GCC in particular," he said.
"There is no doubt that the crisis has had an effect, but its effect was relatively limited and the decline in prices during this crisis was expected," Emir Sheikh Sabah al-Ahmad al-Sabah told state news agency KUNA.
Economic growth in East Asia and the Indian subcontinent will drive oil demand in the future, he added.
"We see that OPEC members' cohesion in setting an output ceiling for oil and complying with it will be a safety valve for the OPEC countries economies in general and the GCC in particular," he said.
