The oil market is balanced, and the current oil prices are fair, according to Talal Al-Sabah, Kuwait’s Acting Deputy Oil Minister, Reuters reported.

“The current oil prices of around $74 per barrel are fair prices … And Kuwait is committed to its agreed quota under the production reduction agreement,” Al-Sabah told reporters.

“Oil prices are currently supported by geopolitical tensions in Libya, Venezuela, Nigeria, sanctions on Iran and a decrease in U.S. inventories,” Al-Sabah added.