(MENAFN- Qatar News Agency) Kuwaiti Oil Minister Hani Hussein has predicted that the Organization of Petroleum Exporting Countries (OPEC) would most probably decide to keep to its current output cap of 30 million barrels per day.
In remarks to Kuwait News Agency (KUNA), the Kuwaiti Minister said the ministerial prices committee convened at OPEC headquarters yesterday and presented a number of recommendations related to supply and demand to member countries' ministers to guide their decisions.
OPEC would keep monitoring prices and market conditions closely, he added, and take appropriate measures if need arise.
Responding to a question, the minister said reports indicate an output surplus of over a million barrels a day, which is one factor behind probability of maintaining current production cap.
He said that several factors influence the market, including geo-political, psychological, and climate-related issues. This is in addition to countries' strategic stockpiles. All these factors put the market through tug and pull.
Still, decisions must not be taken in rash manner, for the sake of the interests of both producers and consumers alike.Â
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