Kuwait ready to back OPEC efforts to increase oil prices

Kuwaiti Minister of Petroleum Shiekh Saud Nasser al-Sabah stated that his country is ready to take any action presented by OPEC to improve oil prices, saying that petroleum is a good that will run out in time and, "We should keep it as we can and it should be properly used."

He said the oil market is settled now and there is a relief at the level of the member countries' commitment inside and outside OPEC, expressing his hope of continuing the commitments made by member countries to the current production rates.

He said there is a plan for expanding the current agreement (ie further production cuts) in case there is no decrease in international oil reserves to the aimed for percentage ratio of production.

He considered $21 - $22 as a price per barrel as the suitable price to the countries of Gulf Cooperation Council.