Kuwait says oil prices 'fantastic'
Kuwait's Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Tuesday that the price of crude oil was "fantastic," as it stayed above 82 dollars a barrel spurred by freezing temperatures.
Oil prices are "fantastic ... because of what is happening with the weather in Europe and as demand is picking up," the minister told reporters outside parliament.
The minister said Kuwait does not want any change to production quotas when the Organisation of Petroleum Exporting Countries meets in March.
He also expected demand to pick up in the second quarter of 2010 as the global economy is expected to continue its recovery and as crude inventories decline.
Oil fell in Asian trade on Tuesday but remained above 82 dollars a barrel.
New York's main futures contract, light sweet crude for February delivery, was trading at 82.03 dollars a barrel in the afternoon, down 49 cents from the New York close on Monday.