Kuwait Says Oil Mkt Balance Takes Precedence Over Price Issue

Balance in global oil markets takes precedence over the crude price, Kuwait’s new oil minister said on Sunday.

Asked whether 100 dollars a barrel was a good price for oil, Ali al-Omair told reporters at a reception: “The issue of balance comes before the issue of price.”

Omair, who was appointed last week, said OPEC member Kuwait targets 3.5 million barrels per day capacity by 2015.