Kuwait: Oil price fair despite geopolitical factors

Kuwaiti Oil Minister Ali al-Omair said Monday that current oil prices are "fair" despite strong geopolitical factors impacting the region. OPEC member Kuwait is the world's fourth-largest oil exporter, pumping around 3.0 million barrels per day, of which at least 2.6 million bpd are exported in the form of crude oil and petroleum products. "There are geopolitical factors impacting oil prices... which are not only controlled by output levels and production capacity but also by political changes," Omair told reporters on the sidelines of the second Gulf Petroleum Forum. "We, as exporters and importers, wish to see stability in production and prices," he said, voicing hope that prices would remain "fair" as "they are now". The Kuwaiti minister said that it is not necessary that "high prices are good for producers and low prices are good for consumers". Crude prices dropped in Asian trade Monday after rebels agreed to reopen two of the four blockaded oil terminals in eastern Libya. New York's main contract West Texas Intermediate (WTI) for May delivery dropped 30 cents to $100.84 a barrel in afternoon trade and Brent North Sea crude for May slid 80 cents to $105.92. Omair said that political disputes between member states of the Gulf Cooperation Council (GCC) have not affected the joint oil policy of the six-nation alliance. Last month, Saudi Arabia, United Arab Emirates and Bahrain recalled their ambassadors from Qatar over Doha's perceived support for the Muslim Brotherhood.