Kuwait's oil minister, Sheikh Ahmad Al-Abdullah Al-Sabah, has said that a $50 price per barrel "goes with the economic situation" at present.

He suggests that economic conditions within the oil industry make the price per barrel an acceptable one for the current climate.

The oil minister also reveals that the Organization of the Petroleum Exporting Countries is overseeing production cuts to ensure that proposed output reductions are complied with.

His comments come as the oil industry sees prices hovering slightly above the "acceptable" $50 per barrel benchmark.

On Thursday, March 26th, prices rallied to around $54 but could not sustain the upward trend.

During Friday, they fell back towards the $51 mark, reaching $51.43 for Brent North Sea crude for May delivery.

This represented a fall over the course of the day of $2.03, or around 3.7 per cent.

Meanwhile, New York's main contract for May delivery also dropped over the course of Friday to reach $51.84.

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