Fin24

Current oil prices 'very suitable' - Kuwait

2012-01-11 10:49

Kuwait City - Oil Minister of Opec member Kuwait Mohammad al-Baseeri has said that current oil prices are "very suitable", while stressing that world markets still need more supplies.

The minister told the state-run KUNA news agency late on Tuesday that Kuwait's crude oil production hit a record 3.05 million barrels per day in December and output is still running at the same level.

Oil prices slid in Asia on Wednesday as traders cashed in recent gains, with weak US energy demand dampening the market's mood despite concerns over tension in Iran and Nigeria.

New York's main contract, West Texas Intermediate crude for delivery in February, was down 39c at $101.85 in the afternoon.

Brent North Sea crude for February shed 36c to $112.92.

Baseeri said that most oil producers were currently pumping to their maximum capacity, and reiterated that Kuwait is implementing a strategy to raise output capacity to 4.0 million bpd in 2020.