Kuwait Says Oil Mkt Balance Takes Precedence Over Price Issue

Kuwait’s oil minister Ali al-Omair said the OPEC member targets 3.5 million barrels per day capacity by 2015.

KUWAIT-OIL MINISTER

Balance in global oil markets takes precedence over the crude price, Kuwait’s new oil minister said on Sunday.

Asked whether 100 dollars a barrel was a good price for oil, Ali al-Omair told reporters at a reception: “The issue of balance comes before the issue of price.”

Omair, who was appointed last week, said OPEC member Kuwait targets 3.5 million barrels per day capacity by 2015.

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