The supply and demand in the oil market are stable and there is no need to adjust the production ceiling, said a Kuwaiti official on Friday.
The price and the oil supplies remain appropriate for producers and consumers, Siham Razouqi, the head of the Kuwaiti delegation, told KUNA before the Organization of Petroleum Exporting Countries (OPEC) 163rd ministerial meeting that started today in Vienna.
On the subject of unstable oil prices witnessed recently, she pointed out the effect of prices are not associated with the crude's supply and demand, although it is linked to developments of the world's political and economic situation.
In response to KUNA's question on the vital issues to be discussed in the ministerial meeting, Razouqi replied the developments in the oil market and prices are the main point of the meeting's agenda, in addition to selecting a new OPEC Secretary General.
However, Razouqi avoided to go in details on selecting a new OPEC secretary general in light of a plan by the current OPEC Secretary General Abdalla Salem to retire, due to failure to choose between candidates from Iraq, Iran and Saudi Arabia.