Oil prices are currently at a desirable level for everyone. That is what Kuwait’s oil minister, Khalid al-Fadhil said on Sunday in the local newspaper Al-Rai. According to al-Fadhil, a price of 60 to 70 dollars per barrel is good for both producers and consumers.
Since the beginning of this year, oil prices have risen sharply, partly due to the production cutback of OPEC oil cartel, of which Kuwait is also a member. The OPEC did this together with allies like Russia. Saudi Arabia plans to further reduce production in order to boost prices.
US President Donald Trump called OPEC earlier not to slow down the production. He thinks that prices are rising too fast.