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Kuwait's oil minister expects prices to rise

(Agencies)
Updated: 2009-07-30 23:14

KUWAIT CITY: Kuwait's oil minister says he is optimistic oil prices will rise as demand for fuel increases in the fall and winter.

The Kuwait News Agency also quotes Sheik Ahmed Al Abdullah Al Sabah as saying Thursday that compliance by OPEC members with recent production cuts was over 80 percent. He said detailed information will be presented before or during the cartel's meeting in September.

Kuwait is a key OPEC member, and its economy is totally dependent on oil revenues.

Oil is selling at around $64 as upbeat corporate earnings suggest the global economy is slowly recovering.

Prices have staged a modest rebound following OPEC's decision to cut production by 4.2 million barrels from September levels.