Khaberni - Kuwaiti Oil Minister Tareq Al-Rumi said on Sunday that Kuwait sees the price range for crude oil between 60 and 68 dollars per barrel as fair under current market conditions.
Al-Rumi stated, "We see the fair price between 60 and 80 dollars per barrel," as reported by "Reuters".
He added, "We were expecting the prices to at least remain as they are, if not better, but we were surprised by their drop."
The price of a Kuwaiti oil barrel had increased by 15 cents to reach 60.94 dollars per barrel in Friday's trading compared to 60.79 dollars per barrel in Thursday's trading according to the announced price from the Kuwait Petroleum Corporation.
In the international markets, Brent crude futures fell 16 cents at the settlement of Friday's trading to 61.12 dollars per barrel, while West Texas Intermediate (WTI) American crude futures dropped 16 cents to reach 57.44 dollars.
The Minister made these statements on the sidelines of the annual ministerial meeting (the 115th) of the Organization of Arab Petroleum Exporting Countries (OAPEC) held in Kuwait.
Minister Al-Rumi in his opening speech said that the meeting comes at an important and sensitive time for the organization's work due to the rapid transformations and major challenges in the global energy sector, which require continued unification of visions and enhancement of coordination among member states to support stability in the energy markets and enhance the organization's presence on the regional and international scene.
He added that the meeting's agenda includes a set of core issues that affect the organization's affairs, contributing to its journey, including discussion of items related to the projected budget for 2026 and reviewing the latest developments related to the organization development study project.
He explained that the meeting also reviews the latest developments in the review and update of systems and regulations, follow-up on initiatives and strategies, in addition to discussing developments connected with the oil and energy sectors and the joint responsibilities they impose on member states.
He indicated that this meeting is an important milestone to enhance Arab cooperation in the oil and energy sectors, reinforcing the vital role played by the organization in supporting the interests of its member states and enhancing its presence in global energy markets.
Minister Al-Rumi affirmed Kuwait's full support for all initiatives and steps taken by the organization to develop its operations and enhance its capability to keep pace with global transformations in the energy sector and deepen the integration among member states, thus consolidating the organization's stature as a leading Arab platform.
He noted that this direction is in implementation of the wise political leadership's directives and to enhance Kuwait's active contribution in supporting the organization's pathways aimed at enhancing cooperation among member states and elevating the service of the Arab oil industry and developing coordination mechanisms in its various fields.
He appreciated the efforts of the General Secretariat of the organization in preparing and organizing this meeting with practical mechanisms and an integrated regulatory environment, affirming its keenness to develop and support the council's operations in performing its tasks efficiently and effectively, expressing his aspirations that this meeting results in outcomes that enhance the journey of Arab joint work and support building a more stable and sustainable future for the energy sector.
