AFP cited Mr Faruq al Zanki CEO of Kuwait Petroleum Corporation as saying that the OPEC member is comfortable with oil at USD 100 per barrel, a price seen well for consumers and producers.

Mr Zanki said that Kuwait is comfortable with oil prices so long they remain within the USD 100 range. This price is acceptable to producing and consuming nations.

Mr Zanki attributed the sharp spikes in oil prices to tensions over the Iranian nuclear program and the eurozone economic crisis adding that conventional factors like supply and demand and currency exchange rates are no longer playing an effective role in oil prices.

He said that Kuwait's production capacity has been slightly boosted to 3.2 million barrels per day and output remains just slightly above 3.0 million barrels per day. This makes Kuwait OPEC's third largest producer.

Source - AFP

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