Kuwait Backs OPEC Supply Rate

13 January 2010 (Last Updated January 13th, 2010 18:30)

Kuwait has announced that there is no need for OPEC to revise its supply policy at its next meeting in March this year. Kuwait's oil minister Sheikh Ahmad al-Abdullah al-Sabah said he is happy with the oil price after cold weather boosted energy demand. At OPEC's meeting last

Kuwait has announced that there is no need for OPEC to revise its supply policy at its next meeting in March this year.

Kuwait's oil minister Sheikh Ahmad al-Abdullah al-Sabah said he is happy with the oil price after cold weather boosted energy demand.

At OPEC's meeting last month the group decided to adopt a steady supply policy because it was satisfied with the $72-75 per barrel price range. Since then prices of oil increased by $10.

Saudi Arabia said a $75-80 per barrel price range for oil was fair to both consumers and producers.