ENERGY MINISTER: NO OPEC PRODUCTION CUTS NEEDED

UNCLAS KUWAIT 000308 SIPDIS SIPDIS LONDON FOR TSOU DEPARTMENT OF ENERGY FOR IE EB/ESC/IEC FOR GALLOGLY, DOWDY E.O. 12958: N/A TAGS: ENRG EPET KU OPEC OIL SECTOR SUBJECT: ENERGY MINISTER: NO OPEC PRODUCTION CUTS NEEDED ¶1. On the January 29 departure of Kuwait's OPEC delegation to Vienna, immediate past OPEC President and Kuwait Energy Minister Shaykh Ahmad Fahd Al-Ahmad Al-Sabah called on OPEC to not cut production at the Vienna meeting. "There is a large surplus of crude oil in the markets," he said, "but because of (high) prices, I think OPEC should do as it always did - support prices, markets and supplies." He added, "I hope that the status quo would be maintained and that OPEC would work to stabilize prices." ¶2. Comment: Shaykh Ahmad is not attending the OPEC meeting in Vienna. He stayed in Kuwait on January 29 to witness the swearing in of new Amir Shaykh Sabah Al-Ahmad Al-Sabah, and will need to remain in Kuwait over the next week as a new Cabinet is named. Shaykh Ahmad's Office Director confirmed to Econ Officer on January 30 that the Minister had made these comments to reporters at the airport prior to the OPEC delegation's departure and that the delegation would carry this message to the meeting in Vienna. Kuwait's OPEC delegation is headed by OPEC Governor for Kuwait Ms. Seham Razzouqi. End Comment. ******************************************** Visit Embassy Kuwait's Classified Website: http://www.state.sgov.gov/p/nea/kuwait/ ******************************************** LeBaron