Kuwait says high oil price not justified

Newly appointed Oil Minister Hani Hussein takes the oath of office during the 14th legislative session of parliament in Kuwait City February 15, 2012. REUTERS/Stephanie McGehee (KUWAIT - Tags: POLITICS)

Justification: Oil Minister Hani Hussein believes current oil prices are not justified under the supply and demand theory

Kuwait's oil minister believes current world oil prices are not justified, adding that the Gulf state's current production rate will not affect its level of strategic reserves.

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