By IRNA,
Tehran : Kuwait Oil Minister Sheikh Ahmad Abdullah al-Sabah on Thursday demanded OPEC producers to observe more production discipline.
Al-Sabah regretted that compliance on meeting output quotas has weakened.
“I am not happy with compliance … There should be more compliance,” the Kuwaiti minister told reporters after opening a new crude gathering centre in Sabrya oilfield north of Kuwait.
As global demand picked up following signs of economic recovery, almost all the 11 OPEC members governed by quotas have been pumping above their allocated quotas, thus boosting supplies.
Iraq is not tied to quotas.
However, the minister said there was no need for an emergency meeting of the Organization of Petroleum Exporting Countries.
Sheikh Ahmad described the current oil price as “very fair.”
“It is very fair … Between 75 and 90 (dollars a barrel) is reasonable for consumers and exporters,” the minister said.
Oil prices turned mixed in Asian trade on Thursday after a report showed weaker demand in the United States, the world’s largest energy-consuming nation.
New York’s main contract, light sweet crude for delivery in June, dropped 16 cents to 83.52 dollars a barrel.
Brent North Sea crude for June was up two cents at 85.72 dollars.