Kuwaiti petroleum minister warns of $5 per barrel price for oil

Kuwait warned yesterday that petroleum prices could reach $5 per barrel unless the producers take an immediate steps to prevent that.

Kuwait also said that the Organization of Petroleum Exporting Countries could convene an emergency session to discuss the deterioration of petroleum prices before its usual conference in March.

Kuwaiti Minister of Petroleum Sheikh Saud Nasser al-Sabah said in press statements that OPEC could convene in February, after the new government in Venezuela assumes power, to help facilitate undertaking collective procedures to deal with the problem.