Kuwait says it will stick to agreed output targets, has no plans for emergency OPEC meeting

KUWAIT CITY – Kuwait's oil minister says his country will stick to existing production targets and sees no reason for an emergency session of OPEC despite the slide in crude prices.

Oil Minister Ali al-Omair was quoted by the official Kuwait News Agency on Thursday saying there is no reason for the 12-nation bloc to reassess strategy before its scheduled June gathering.

He says Kuwait would be "very happy" if other producers cut their output. But he says Kuwait will stick to production levels OPEC agreed to at its last meeting in November.

The price of Brent crude, a benchmark for international oil, has fallen by more than half since last summer. It was down 2.6 percent at $55.38 in afternoon trading in London.