Kuwaiti oil minister says market well balanced

Kuwaiti Caretaker Oil Minister Sheikh Ahmad Al-Abdullah Al-Sabah said Monday the oil market is well balanced despite that Libya's oil export has not returned to normal.


Sheikh Ahmad said at the Fourth Asian Energy Minister's Roundtable meeting that the shortfall from Libya has been largely compensated as the Organization of Petroleum Exporting Countries ( OPEC) moved quickly to ensure adequate supplies.


"We are looking for prices that are decided by market fundamentals and sustainable oil prices should not rise to high levels so high to impair the economic growth," he said.


Oil prices have soared around 20 percent since the ongoing impasse in OPEC-member Libya has forced the Africa's major oil exporter to cut back around two thirds of its crude production of 1.6 million barrels per day.


Saudi Arabia has said it has made up the vacancy left by Libya.


Secretary General of OPEC Abdullah El-Badri also said the market are adequately supplied and oil producers are "concerned" at high crude prices, which was boosted around 20 percent in the past few months.


Kuwait, the fourth largest exporter of the OPEC, sits atop around 10 percent of the world's proven oil reserves and pumps out around 2.3 million barrels of crude per day.
(Source:http://news.xinhuanet.com)