(MENAFN - Kuwait News Agency (KUNA)) Kuwaiti Minister of Oil Hani Hussein said here on Sunday the Organization of Petroleum Exporting Countries (OPEC) played a key role in ensuring balanced oil markets and stable oil prices.
Delivering a lecture on Kuwaiti oil industry during a seminar on Kuwait's foreign policy, the minister said: "The OPEC plays a great role in finding balance at markets. We are looking forward to seeing a good balance between supply and demand." He explained that oil prices are controlled by supply and demand, predictions and geopolitical factors, pointing that there is not any big hike in international oil consumption.
On 2013 oil prices, the Kuwaiti minister said: "We have to be careful as the increase in production is not so big and there are some countries which boost their oil production." On Kuwait's oil plans, he said his ministry plans to carry out major oil projects both at home and abroad.
On Kuwait Petroleum Corporation's strategy to produce 3.5 million barrels per day (bpd) by 2015 and then four million bpd by 2010, the minister said: "We are going on as planned and Kuwait's oil production capacity has exceeded three million bpd, hitting 3.1 million bpd."