By Awatef al-Hasawi
KUWAIT, Sept 9 (KUNA) -- Kuwaiti Minister of Electricity and Water Mohamed Abdullah Al-Olaim said here Sunday there were no cogent grounds to increase OPEC oil production for the time being.
Al-Olaim, who is also acting minister of oil, made the remarks in an interview with Kuwait News Agency (KUNA).
"Now that the global oil market is now stable, there are no conclusive reasons for an increase in oil production," he said.
A recent hike in oil prices was triggered off by some political issues on the international arena and refining energy shortage especially in the US, rather than a shortage of oil supplies, the Kuwaiti minister believed.
"There is no urgent need to boost OPEC production," he said, adding that Kuwait, as an OPEC member, is keen on a stable global oil market and closely monitoring world economic growth.
"Kuwait deals with this matter in full responsibility in the interest of both oil producers and consumers on the grounds that we are partners in development," Al-Olaim noted.
Therefore, all indications bearing on the oil market are to be discussed during an OPEC meeting due to be held on September 11 in a bid to create a stable international oil market, he said.
OPEC oil ministers are expected to hold their 145th ordinary ministerial meeting on September 11 on rising oil prices.
