Qatari energy minister says current oil prices appropriate

KUWAIT CITY, Dec. 15 (Xinhua/GNA) -- Qatar's Deputy Prime Minister and Minister of Energy and Industry said here Monday the current oil prices that fluctuate between 70 to 80 U.S. dollars per barrel was "appropriate."

Abdullah bin Hamad Al-Attiyah made the remarks on the sidelines of the 30th leaders' summit of the Gulf Cooperation Council held in Kuwait.

"We are seeing a recovery in Asia, while that in Europe and the United States was moving slowly," he added.

His remarks came days before the meeting of the Organization of Petroleum Exporting Countries (OPEC) slated for Dec. 22 in Angola.

The oil ministers from member countries are expected to discuss the latest development in the oil market and output quotas in their upcoming gathering.

Saudi and Kuwaiti oil officials have also expressed their satisfaction for the current crude prices.

Last year, OPEC slashed a record of 4.2 million barrels per day in measures to shore up slumping oil prices in the wake of the global economic woe.

The 12-member OPEC, accounting for around 40 percent of the global oil production, has kept supply output steady so far this year, as oil prices have rebounded from last year's bottom level and were considered acceptable by member states.

GNA