Kuwait sees no oil policy change after price drop

The recent drop in the price of oil will not affect OPEC's inclination to keep its production target unchanged when its ministers meet later this month, Kuwait's oil minister said on Sunday.                                           

Sheikh Ahmad al-Abdullah al-Sabah said he was not worried about the decline, adding that $70-80 a barrel would be a good price                                           

Oil fell for the eighth consecutive session on Friday, edging below $70 a barrel as a stronger dollar pressured prices, outweighing positive economic data from the United States and China.                                           

Sheikh Ahmad said he expected global demand for oil to rise in the first quarter, but did not give further details.                                           

The minister said his country plans to spend 25 billion dinars ($87.60 billion) on oil projects between now and 2030, without being more specific.                                           

The country's state-run oil sector is required to secure parliament approval for spending on large projects.