Kuwait minister: Oil price of $100-110 acceptable

Kuwaiti Oil Minister Mustafa al-Shamali said that an oil price of between $100 (74 euros) to $110 per barrel is acceptable to both producers and consumers, in remarks published on Sunday. "The acceptable and fair price for oil at this stage is $100 to $110 a barrel," Shamali told Al-Seyassah newspaper. "These prices are good and acceptable to all parties. They help producers to complete their production and exploration projects, besides they are suitable to consumers and the global economy," he said. The main US contract, West Texas Intermediate for delivery in November, closed the week Friday at $103.84 a barrel on the New York Mercantile Exchange, up 53 cents from Thursday's closing level. Brent North Sea crude for November, the European benchmark, gained 46 cents at $109.46 a barrel in London trade. Shamali said Kuwait's current crude production is estimated at 3.2 million barrels per day, up from an average of around 3.0 million barrels during the past two years.