Kuwait’s Oil Minister Bakhit al-Rashidi has said OPEC is not discussing where the price of oil should be, focusing on the stability of the market and managing global inventories.
When asked whether OPEC would boost its production in order to counter the “artificially high prices” caused by higher US production, al-Rashidi said: “We do not discuss prices at all. We focus on market stability and managing surpluses that have a big impact on inventories in global markets to guarantee market stability for producers and customers.”
Although the bloc’s deal to curb global inventories has been hugely successful and has eliminated a significant portion of the oil glut, OPEC is to continue its efforts.
After the OPEC meeting in April, the Saudi Energy Minister Khalid Al-Falihsaid: “We have to be patient. We shouldn’t jump the gun, we shouldn’t be complacent and listen to some of the noise such as ‘mission accomplished’. I think we still have work ahead of us.”
Although OPEC and its members may not be discussing prices, Saudi Arabia is said to aiming for oil prices to reach between $80 to $100 in order to boost the valuation of its state owned Saudi Aramco ahead of its initial public offering (IPO).