Kuwait opposes oil output hike

KUWAIT CITY (AFP) – Kuwait said on Sunday it sees no reason for the Organisation of Petroleum Exporting Countries to hike oil output during a meeting of the 12-nation cartel in Vienna this week.

“There is no real significant justification to change what we are producing now,” Acting Oil Minister Mohammad al-Olaim told reporters before leaving for Tuesday’s meeting in the Austrian capital.


“Up till now we don’t think there are essential reasons that (an) increment should be there,” he said.

Olaim said the recent rise in crude prices was “related to geopolitical reasons and to shortage of refining capacity” in consumer countries.

“It is not really related to demand problems,” he said.

AFP