Kuwaiti oil minister says OPEC not to change output
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Kuwaiti Oil Minister Sheikh Ahmad Al-Abdullah Al-Sabah said Tuesday the Organization of Petroleum Exporting Countries (OPEC) will not change output in its December meeting.
The minister described as reasonable the current oil prices that range between 75-80 U.S. dollars per barrel.
He said the oil prices for 2010 would be determined by the global economic situation and called for OPEC members' commitment to quotas set in December last year.
Last year, OPEC slashed a record of 4.2 million barrels per day in measures to shore up slumping oil prices in the wake of the global economic woe.
The 12-member OPEC, accounting for around 40 percent of the global oil production, has kept supply output steady so far this year, as the current oil prices were considered acceptable by member states.
OPEC member nations will meet in December in Angola to discuss the latest development in oil market and output quotas.
Kuwait is the fourth-largest exporter of the alliance and holds ten percent of the world's proven oil reserves.
