Kuwait ready with OPEC to fill any oil shortage

Kuwait Oil Minister Mr Adel al-Subaih said today his country was ready to step in with fellow OPEC member states to fill any …

Kuwait Oil Minister Mr Adel al-Subaih said today his country was ready to step in with fellow OPEC member states to fill any world oil shortage.

OPEC secretary-general Mr Ali Rodriguez said earlier today there was no immediate need for more oil exports from the cartel after the attacks.

Most of Kuwait's crude production and refined products goes to Asian markets but it also exports to the United States.

In June, Kuwait exported some 255,000 barrels per day (bpd) of oil to the United States, compared with an average 261,000 bpd in 2000.

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Kuwait's OPEC quota was cut as of September 1st as part of efforts to shore up world oil prices to 1.861 million bpd.

Earlier today, United Arab Emirates (UAE) Oil Minister Mr Obaid bin Saif al-Nasseri said world oil markets would not face any supply shortages following the attacks.

He said ties between Gulf Arab suppliers and the United States, the world's biggest oil consumer, would not be affected by the attacks.

Although the attacks posed no immediate threat to world supplies, traders fear any sign of Middle East involvement in the unprecedented attacks might disrupt deliveries of oil.