The Kuwait Parliament has said that it sees no need for Opec to change oil supply targets at its meeting in September, the country’s Oil Minister announced on 19 August.
US crude traded at just more than $69 a barrel on Wednesday, not far below the $75 that Opec has targeted for investment in future energy supplies, according to Reuters.
“There is no need to increase or cut output,” Sheikh Ahmad al-Abdullah al-Sabah told Reuters reporters at Kuwait’s parliament.
He went on to say that Kuwait is happy with the present output.
Opec, which supplies more than a third of the world’s oil, will meet on 9 September in Vienna to discuss supply policy.
The price has recovered from a low near $32 in December after Opec pledged last year to remove 5% of the world’s oil supply to match the impact of the global recession on demand.
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Sheikh Ahmad said last week that there would be no need for a cut at the meeting if the price remained steady, Reuters reported.