VIENNA: Kuwaiti Minister of Oil and Acting Minister of Electricity and Water Dr Khaled Al-Fadhel said that there is a positive and optimistic view in the recovery of oil prices.

This came in a statement the minister made prior to his participation in the 178th Extraordinary Ministerial Conference of the Organization of Petroleum Exporting Countries (OPEC) and the eighth ministerial meeting of the OPEC+ coalition, which are scheduled today.

"We aspire to have a balance in oil prices in order to reach the required level that satisfies the exporting and consuming countries and that the price level is acceptable to all," said the minister. The meeting comes in exceptional circumstances due to the spread of the coronavirus, which has become a global concern that has cast a shadow over oil prices, he added.

Last December, Oil ministers from OPEC and outside agreed to increase the volume of production cut by 500 thousand barrels in order to stabilize and balance global markets. - KUNA