Opec To Discuss Oil "Price Band" Proposal

Kuwait's oil minister Ali al-Omair announced that Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries were set to discuss a proposal made by Venezuela, which offers to introduce a price band for oil, at a technical meeting to be held on Oct. 21

"There is no decision. It will be discussed, and (based on) the outcome, we will decide whether to agree or disagree" said Ali al-Omair.

OPEC-member Venezuela has previously proposed to assure control of petrol prices by progressive cuts in production, with a "first floor" of 70 dollars per barrel, with target of 100 dollars per barrel.

"Kuwait could produce up to 100,000 more barrels"

Kuwait's oil minister al-Omair has said OPEC would stand firm and not cut its production ceiling.

"There are currently no ideas or calls or events to make OPEC members change their decision," he said, declaring the country was capable of producing 50,000 to 100,000 more barrels per day, by the first quarter of 2016. - Kuwait