KUWAIT CITY - Kuwait's Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Tuesday that OPEC may have to call a special meeting if prices go on rising.
"(Oil) prices are very good," the minister told reporters outside parliament, adding that the sliding US currency and speculation are responsible for the current hike.
Sheikh Ahmad said that if prices continue to increase towards the 100 dollars mark, the Organisation of Petroleum Producing Countries should convene an emergency session.
"We will have to hold a special session to decide on what we can do," he said.
The minister called on OPEC members to resist producing more than their production quotas decided last December, saying there is still "overstocking" in the markets and inventories are sufficient for more than 60 days.
"Inventories should go down to 55 days," he said.
Oil prices firmed on Tuesday with New York's main contract, light sweet crude for delivery in December, adding 50 cents to 79.18 dollars a barrel.
Brent North Sea crude for December rose 47 cents to 77.73 dollars in late morning London deals.
Last week, the crude price struck 82 dollars a barrel, its highest level since October 14, 2008.
OPEC, whose members pump 40 percent of the world's crude oil, is scheduled to hold its next meeting in Luanda, Angola on December 22.
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