OPEC will step in if oil price hits 100 dollars: Kuwait
Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said today that OPEC will step in to alter output if crude prices top $100 a barrel.business Updated: Apr 15, 2010 21:09 IST
Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Thursday that OPEC will step in to alter output if crude prices top $100 a barrel.
"If prices of oil go above 100 (dollars), then OPEC will meet to take a decision on production levels," in a bid to boost supplies, the Kuwaiti minister told reporters outside parliament.
But Sheikh Ahmad stressed that any decision will greatly depend on prevailing "market situations and supply and demand."
The minister also said he was happy with the current oil price, which has been hovering around $85 a barrel for some time.
World oil prices steadied today, after recent gains on the back of improving demand and positive economic indicators.
New York's main contract, light sweet crude for delivery in May, slid by five cents to $85.79 a barrel.