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.