Kuwait Considers Further Cut in Oil Production

Source: www.gulfoilandgas.com 11/14/2006, Location: Middle East

Kuwait is considering further cuts in oil production and plans to address the issue at the next meeting of the Organization of Petroleum Exporting Countries if oil prices remain at the current level, a senior energy official said Tuesday.

Kuwaiti Oil Undersecretary Eisa Al-Oun was quoted by state K.N.A. as saying that the recent meeting of oil ministers of the six Gulf Cooperation Council countries in Abu Dhabi decided it was necessary to reassess oil prices.

The GCC countries consider $55-$60 per barrel as a reasonable price range, he said. No action, however, should come at the cost of the global economy's stability, Al-Oun said.

The KUNA report said the monthly OPEC price average for October was $45.97 per barrel compared with an average of $59.34 pb for September.

OPEC oil ministers had in their last consultative meeting in Doha in October decided to bring down official production by 1.2 million bpd. Production as of December was set at 27.5 million bpd.


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