Oil producing countries expect global economic growth in the coming period to boost oil prices, Kuwaiti Oil Minister Ali Saleh al-Omair was quoted by the Al-Qabas newspaper on Tuesday as saying.
"There is satisfaction among member states with indications of better growth of the world economy," Omair was quoted as saying in a statement to the newspaper. "We do not look at the amount of production, but what concerns us primarily is the rate of growth of the world economy, which will bring the required balance to keep prices at the desired level."
Omair also said Kuwait had a special relationship with importers in Asian, European and other markets, so it would be able to maintain its share of world oil markets. He said Kuwait was confident of being able to carry out its oil strategy for the period to 2020, and was continuing plans to raise its crude oil production to 4 million barrels per day. Output in June this year was 2.74 million bpd.
Source: Arabian Business