April 28, 2019 / 9:11 AM / a month ago

Current oil prices are fair, Kuwait deputy minister says

DUBAI (Reuters) - 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 U.S. inventories,” Al-Sabah added.

Reporting by Ahmed Hagagy; writing by Dahlia Nehme; Editing by Dale Hudson

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below