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Kuwait Optimistic About OPEC Meeting

Kuwait Optimistic About OPEC MeetingKuwait Optimistic About OPEC Meeting

Kuwait's finance minister and acting oil minister, Anas al-Saleh, said on Tuesday he was optimistic that an understanding on production "at least" would be reached between producers at an OPEC meeting in November. He said expectations that oil prices would be between $50 and $60 over the next 10 to 15 months were logical and acceptable, Reuters reported. Saleh was speaking with journalists on the sidelines of an oil and gas show in Kuwait City. He said that current prices were unsustainable but that he believed the cancellation of oil investments globally would help to balance supply and demand so as to arrive at an acceptable price. Saleh also said that (Persian) Gulf Cooperation Council states ministers who had been at OPEC's Istanbul meeting last week reported that there was a positive atmosphere there, including among non-OPEC producers. OPEC’s policy of pumping at full throttle in spite of low prices to defend market share punished drillers. At the same time, it drove down operating expenses and compelled companies to find creative ways to save money.

 

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