Kuwaiti oil minister says OPEC production target revision not needed now

Kuwait: No need for OPEC output cut

VIENNA — Kuwait’s oil minister says OPEC’s markets monitoring committee will recommend the 12-member producer group keep its output targets unchanged when it meets Wednesday.

Sheik Ahmed Al Abullah Al Sabah says, however, that members of the Organization of Petroleum Exporting Countries need to boost compliance with earlier cuts.

OPEC ministers say they are content with current global crude prices, which, at around $71 per barrel, are over double their levels when the group in December announced its record output cut of 4.2 million barrels per day.

The level is well within the range that OPEC kingpin Saudi Arabia has indicated is fair for producers and consumers.