OPEC producer Kuwait will adhere to its oil policy aimed at keeping global markets well-supplied following the death of the Gulf Arab state’s Emir Sheikh Jaber al-Ahmad al-Sabah, Kuwaiti oil officials said yesterday.

FURTHER oil price volatility hit the markets yesterday following the blast that killed 14 people in BP’s west Texas refinery.

US LIGHT CRUDE oil hit record highs early yesterday, breaking $57 for the first time.

OPEC president and Kuwait’s energy minister said on Saturday he saw no need now for telephone consultations between members of the cartel over a possible oil output cut ahead of its next meeting in March.

OPEC producers agreed a surprise cut in oil supplies yesterday that could raise fuel costs this winter and hamper economic growth.