When OPEC meets next month to discuss its oil quotas, expect Kuwait to say the current quotas suit it just fine.
Sheikh Ahmed al-Abdullah al-Sabah, Kuwait’s oil minister says he’s happy with the price of oil, which is trading just below $70 today. He’d like to see the price of oil somewhere between $70-$80, Bloomberg reports.
Demand is still weak, but al-Sabah is optimistic it returns by the end of the year.
OPEC meets September 9th to dicuss its oil production. It is supposed to be pumping out just 24.8 million barrels a day, but OPEC is pumping 1.4 million barrels a day above that.
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