Iraq News - Local News - Baghdadpost

Current oil prices are fair, Kuwait deputy minister says


Kuwait's acting deputy oil minister said on Sunday that the oil market is balanced and current prices are fair.

"The current oil prices of around $74 per barrel are fair prices ... And Kuwait is committed to its agreed quota under the production reduction agreement," Sheikh Talal Nasser Al-Izabi Al-Sabah told reporters.

"Oil prices are currently supported by geopolitical tensions in Libya, Venezuela, Nigeria, sanctions on Iran and a decrease in US inventories," Al-Sabah added.