Last Updated: Fri Jun 01, 2012 16:39 pm (KSA) 13:39 pm (GMT)

Kuwait ‘comfortable’ with oil at $100 a barrel: top official

World oil prices rebounded Thursday, mirroring European stock markets, after plunging overnight to a fresh seven-month low on demand fears linked to the eurozone debt crisis. (File photo)
World oil prices rebounded Thursday, mirroring European stock markets, after plunging overnight to a fresh seven-month low on demand fears linked to the eurozone debt crisis. (File photo)

Kuwait Petroleum Corp chief executive officer, Faruq al-Zanki, said Thursday that the OPEC member is “comfortable” with oil at $100 a barrel, a price seen good for consumers and producers.

“Kuwait is comfortable with oil prices so long they remain within the $100 range ... This price is acceptable to producing and consuming nations,” Zanki was quoted as saying by the official KUNA news agency.

World oil prices rebounded Thursday, mirroring European stock markets, after plunging overnight to a fresh seven-month low on demand fears linked to the eurozone debt crisis.

New York’s main contract, West Texas Intermediate crude for delivery in July added 38 cents to $88.20 a barrel, after diving in Asian trade to $87.42 -- the lowest level since October 24.

Brent North Sea crude for July rose 53 cents to $104.00 a barrel in London deals. The contract plunged on Wednesday to $102.85, a level last reached in mid-December.

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 bpd. This makes Kuwait OPEC’s third largest producer.

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