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KUWAIT: High oil prices are not related to oil market fundamentals but are due to speculation, international political tension, Kuwait's acting oil minister said in comments published by state news agency on Monday. US oil futures hit a fresh record of $111.80 a barrel on Monday.
Officials from the organization of Petroleum Exporting Countries (OPEC) have repeatedly blamed factors beyond their control for the surge in oil prices, and the group left its output unchanged at a meeting earlier in March. The flow of money from pension and other investment funds had helped drive the price higher, KUNA reported acting Kuwaiti Oil Minister Mohammad al-Olaim as saying.
Tight refining capacity in the world's largest energy consumer the United States had also contributed to the rise, he added. OPEC does not control the price, but works instead to ensure market stability, Olaim said. "There is no problem at all with world oil inventories," he said. OPEC officials said on Sunday the group had no plans to call an emergency meeting to discuss output policy before the next scheduled meeting in September.
The group can confer if necessary on the sidelines of producer-consumer talks in Rome, one senior delegate said. OPEC-member Kuwait is the world's seventh-largest oil exporter, producing around 2.6 million barrels per day.
Officials from the organization of Petroleum Exporting Countries (OPEC) have repeatedly blamed factors beyond their control for the surge in oil prices, and the group left its output unchanged at a meeting earlier in March. The flow of money from pension and other investment funds had helped drive the price higher, KUNA reported acting Kuwaiti Oil Minister Mohammad al-Olaim as saying.
Tight refining capacity in the world's largest energy consumer the United States had also contributed to the rise, he added. OPEC does not control the price, but works instead to ensure market stability, Olaim said. "There is no problem at all with world oil inventories," he said. OPEC officials said on Sunday the group had no plans to call an emergency meeting to discuss output policy before the next scheduled meeting in September.
The group can confer if necessary on the sidelines of producer-consumer talks in Rome, one senior delegate said. OPEC-member Kuwait is the world's seventh-largest oil exporter, producing around 2.6 million barrels per day.
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