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Kuwait expects oil prices to pull back
Tue, 05 Apr 2011 07:41:33 GMT
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The chief executive officer of the state-owned Kuwait Oil Company, Farouk al-Zanki
The wealthy Persian Gulf kingdom of Kuwait would prefer to see lower oil prices in the wake of recent revolutions in the Middle East region and Japan's nuclear disaster.

"Although we are enjoying high prices, we would like to see lower prices ... We would like to see a normal oil price," AFP quoted the chief executive officer of the state-owned Kuwait Oil Company, Farouk al-Zanki as saying at a conference in Kuwait City on Monday.

He said a "normal oil price would be between $90 and $100" a barrel.

The Kuwaiti oil official said his country had "the capacity to raise production whenever it is asked to do so." Kuwait is producing its Organization of Petroleum Exporting Countries (OPEC) quota of 2.2 million barrels per day.

On Monday, crude oil climbed to a two-and-a-half-year high on prospects of an increase in demand.

Brent North Sea crude rose $1.25 to a high of $119.95 a barrel on Monday. It later slipped back to trade around $119.70.

The price of US light, sweet crude, for delivery in May, hit a new 31-month high as it reached $108.78 a barrel. It touched $108.40 later in the day.

This is while Iran's Oil Minister Masoud Mir Kazemi, sees no reason to call an extraordinary OPEC meeting.

"An extraordinary meeting of OPEC is not necessary in the current situation," Mirkazemi, who is also OPEC's current head, said on Saturday.

He added, "Before, prices were pushed up by political crises in certain countries of North Africa and the Persian Gulf as well as the recovery of the global economy."

The Iranian oil minister pointed out that "An analysis of supply shows that despite the price hike of black gold to over 100 dollars per barrel, there is no need for an extraordinary meeting."

Mirkazemi blamed the devaluation of the US dollar as the main reason behind the rise in oil prices.

MP/MMA
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