BUSINESS
The Organisation of the Petroleum Exporting Countries (OPEC) meets in Vienna on October 14 and Libya, Iraq, Qatar, Ecuador and Kuwait have all said they see no need for a change in policy.
OPEC members need to adhere more strictly to existing quotas, Kuwaiti oil minister Sheikh Ahmad al-Abdullah al-Sabah said on Monday, adding he was not worried about softening demand.
"I'm not worried about demand, I'm worried about the quotas," he said.
"OPEC should be more committed to their quotas. There is a bit of slippage here and there."
The Organisation of the Petroleum Exporting Countries (OPEC) meets in Vienna on October 14 and Libya, Iraq, Qatar, Ecuador and Kuwait have all said they see no need for a change in policy.
Compliance among members with implied output curbs has sunk to just above 50% as oil has largely traded within the OPEC's preferred zone of $70 to $80 per barrel.
Kuwait's current oil output is 2.2 million barrels per day (bpd), Sheikh Ahmad said, and added that Russian ESPO supplies to Asia were not a concern.
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