OPEC should act if oil falls below $65: Kuwait

Kuwait Oil Minister Sheikh Ahmad Abdullah al-Sabah said that OPEC should meet ahead of its scheduled conference in October if the price of oil falls below USD 65 a barrel.

Asked when OPEC should act and at what price level,the Kuwaiti minister said “when oil price falls below 65” dollars a barrel.

His Emirati counterpart Mohammad bin Dhaen al-Hamli attributed a slide in oil prices to what he called a price correction.

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“What has been taking place is a correction… prices are going up and down,” Hamli told reporters,adding that oil prices were being driven by market forces.

Both ministers are in Doha,Qatar,for the ninth Arab Energy Conference that starts tomorrow.

Oil prices have fallen sharply since late Monday as the dollar struck 14-month highs against the euro on worries about the stability of the eurozone amid the Greek debt crisis.

On Friday,New York’s main contract,light sweet crude for June delivery shed USD 2.00 to USD 75.11 a barrel.

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Brent North Sea crude for June delivery slid USD 1.56 to USD 78.27 a barrel.

The dollar was bolstered on Friday as official data showed Americans were flooding back into the job market,with the Labour Department reporting 290,000 jobs created in April.