Kuwait's Oil Minister Sheikh Saud Nasser al-Sabah said Sunday that the current price of oil is satisfactory to everyone, and that OPEC will work to maintain its existing levels.
"I believe the current price of oil is stable and good. We will exert every possible effort to maintain the existing level," Sheikh Saud told reporters at Kuwait Airport on return from the OPEC summit in Caracas.
"The price of oil is satisfactory and acceptable to all sides," he said, adding the Organisation of Petroleum Exporting Countries did not discuss production at the Caracas summit.
Oil prices fell back below $30 a barrel last week in London after fresh Saudi pledges Wednesday to release as much oil as the market needs and a promise from the US government the week before to release oil from the US strategic petroleum reserve to help cool the markets.
The benchmark Brent North Sea crude oil for delivery in November was selling for $29.88 a barrel in London on Friday, down $2.80 from the previous week.
In New York, meanwhile, November light sweet crude fell $3.66 over the week to $30.34 at the close of regular trading on Thursday.
OPEC concluded its summit in Caracas on Thursday in celebration of its 40th anniversary with a pledge to "continue providing adequate, timely and secure supplies of oil to consumers at fair and stable prices."
Saudi Crown Prince Abdullah Bin Abdel Aziz also said: "The Kingdom of Saudi Arabia is willing and ready to offer whatever quantity is needed to stabilize the market."
OPEC has promised to supply 800,000 extra barrels of oil a day starting October 1 to stabilise the market. – (AFP)
© 2000 Mena Report (www.menareport.com)