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Kuwait says no talks to replace dlr for oil trade
October 6, 2009 / 8:26 AM / in 8 years

Kuwait says no talks to replace dlr for oil trade

KUWAIT, Oct 6 (Reuters) - Kuwait’s oil minister said on Tuesday there were no talks among Gulf Arab exporters to replace the U.S. dollar for trading oil.

Sheikh Ahmad al-Abdullah al-Sabah said he did not expect a change in OPEC’s output policy when the group meets in December, but added that he was a little concerned that compliance within the producer group was slipping.

Sheikh Ahmad said he expected oil prices to range between $60 to $80 a barrel for the rest of the year.

OPEC, source of more than a third of the world’s oil, agreed to cut supply by 4.2 million bpd since September 2008 due to falling demand and prices.

It has kept official output targets unchanged at meetings since, most recently on Sept. 9.

The next OPEC meeting is scheduled for Dec. 22 in the Angolan capital, Luanda. (Reporting by Rania El Gamal; Editing by Luke Pachymuthu)

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