Kuwait's Oil Minister Sheikh Ahmad Abdullah al-Sabah today ruled out any production increase by OPEC this year and predicted that oil prices would remain at between $60 and $80 a barrel.
"This year no way. It's not possible," the minister told reporters when asked if the Organisation of Petroleum Exporting Countries could decide to raise output at a ministerial meeting in December.
"In December, OPEC will be looking at the market situation next year," said Sheikh Ahmad, who urged OPEC members for greater compliance with their production quotas.
The minister said that such compliance had recently slipped, adding that the latest figure he saw was a compliance of just 68 per cent, down from over 80 per cent in the first quarter.
He said Kuwait is sticking to its quota production of 2.2 million barrels per day. Sheikh Ahmad said he expects oil prices to continue to range between $60 and $80 for this year but that prices could go up in 2010 as the world economy recovers.
Oil eased in Asian trade on Tuesday as dealers continued to evaluate the pace of recovery in the US economy, the world's biggest energy consumer.
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New York's main contract, the light sweet crude for November delivery, dropped five cents to $70.36 a barrel.
Brent North Sea crude for November delivery fell nine cents to $67.95 a barrel.