Timing not right for OPEC output hike -Kuwait

Jun 24, 2009 at 10:41

Oil minister says oil cartel does not plan to raise output as demand continues to suffer from global downturn.

Kuwait's oil minister said on Tuesday that it was not the right time for OPEC to boost oil production.

"Output ... no," Kuwait's Oil Minister Sheikh Ahmad Abdullah al-Sabah told reporters at parliament when asked if it was time for OPEC to raise output.

OPEC agreed cuts of 4.2 million barrels per day to supply last year to match the fall in global oil demand due to the recession.

Last month, members delivered about 75 percent of those cuts, down from April and March when compliance appeared to have peaked.