Kuwait backs OPEC efforts to stabilize oil market

Kuwaiti Oil Minister Hani Al-Hussein welcomed the decision made by the Organization of Petroleum Exporting Countries (OPEC) earlier Thursday to keep its output ceiling unchanged. "The organization is committed to keeping the global oil market well-supplied and preventing any drastic fluctuation in the prices," the minister told KUNA. The minister made the remarks shortly after the 161st ministerial meeting of global cartel decided to maintain the output level of 30 million barrels per day (mb/d) until the coming meeting due on December 12. "The market is governed by the supply and demand mechanisms in addition to geopolitical and psychological factors which affect the prices," Al-Hussein said, noting that OPEC, while working to keep the stability of the market, is not mandated to set the oil prices. The minister added that he believes that USD 100 pb is a fair price for both exporters and importers at least for the time being.