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KPC chief says $100 an acceptable oil price

Kuwait City, May 31, 2012

Oil at $100 a barrel is a comfortable price for producers and consumers, the head of state-run Kuwait Petroleum Corporation (KPC) told state news agency Kuna on Thursday.     

"Kuwait is satisfied with oil prices in the region of $100... as this is acceptable to both producing and consuming countries," Kuna said, citing KPC chief Farouk al-Zanki.     

He said Kuwait's output was steady at about 3 million barrels a day out of a total production capacity of some 3.2 million barrels.     

Benchmark Brent crude oil was trading at around $103 a barrel on Thursday as disappointing data from the United States and India fuelled nervousness around the global demand outlook.      

Zanki said tensions surrounding Iran's nuclear programme and economic uncertainty in Europe were two of the factors driving oil price fluctuations, Kuna reported.     

Traditional factors such as demand and foreign exchange levels no longer play an influential role, Zanki said. – Reuters




Tags: Oil | Kuwait | Kuwait Petroleum Corporation | Kuwait City |

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