Kuwait proposes reactivating standby oil output to calm market

DOHA – Kuwait’s Oil Minister Sheikh Ahmed Fahd al-Sabah has said he would propose reactivating standby oil output of two million barrels per day, last activated in September, in order to calm frenzied markets.

“When we have our consulting meeting, at least maybe we (will be) offering all our extra capacity to go back to the market as we had done in our meeting last year when we decided to send a signal to the market,” he told reporters Saturday as he arrived in Doha for the 10th International Energy Forum.

“As Kuwait we support bringing the two million back to the market. Whenever there will be a call, the two million will be available.”

The powerful 11-member OPEC cartel, which includes Kuwait, will hold informal talks Monday on the sidelines of the Doha conference after oil prices breached a record high of 75 dollars a barrel on Friday.

AFP