Kuwait: Current oil prices are "very reasonable"

January 11, 2012 - 4:50 AM

KUWAIT CITY (AP) — Kuwait's oil minister says international markets need more oil, and that the Gulf country considers the current price of crude "very reasonable."

The country's official news agency quoted Mohammed al-Busairi as saying that Kuwait's daily production exceeded 3 million barrels last month.

Al-Busairi made the comments to KUNA late Tuesday amid concerns that Iran might try to close the vital Strait of Hormuz in retaliation for new U.S. sanctions on its central bank.

The sanctions would make it difficult for Iran to sell its crude.