GO
Loading...

Kuwait expects OPEC to keep crude output target unchanged

Saturday, 9 Nov 2013 | 5:47 AM ET

NEW DELHI, Nov 9 (Reuters) - Kuwait's oil minister said on Saturday he expected OPEC to keep its crude oil output target unchanged at its next meeting.

Kuwait is a member of OPEC, the producer group that pumps more than a third of the world's oil. It will meet next on Dec. 4 in Vienna to decide whether to adjust its output target.

Mustapha al-Shamali, who is also Kuwait's deputy prime minister and is visiting New Delhi as part of a delegation led by Kuwaiti Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah, also said Kuwait was not concerned by rising supplies of U.S. shale oil.

The Organization of Petroleum Exporting Countries (OPEC) expects global demand for its crude to fall in the next five years because of increasing supplies outside the 12-member group from the boom in shale energy and other sources, according to its annual World Oil Outlook published on Thursday.

(Editing by Nick Macfie)