Kuwaiti Oil Minister Sheikh Ahmad Al-Abdullah Al-Sabah welcomed Tuesday the oil prices of above 70 U.S. dollars a barrel, the official Kuwaiti News Agency (KUNA) reported.

The Kuwaiti minister said he hoped the current rates at 70 to 80 dollars can remain till the end of 2009, adding that he expected further increase of demand amid the prevailing optimism over the revival of the markets after a long time of recession.

Oil prices exceeded 70 dollars a barrel on Monday, which was considered as a good omen for the oil producing countries and had brought optimism over a near end to recession.

However, he said the current prices failed to reflect the supply and demand mechanisms as there is still a surplus in supply.

Meanwhile, the minister said "We do not want to see oil prices exceeding 100 dollars, as this will only drag down the economy into the quagmire of recession."

Kuwait, a member of the Organization of Petroleum Exporting Countries (OPEC), owns around 10 percent of the world oil reserves and its economy depends mainly on oil exports. Oil forms about 50 percent of the Kuwaiti Gross Domestic Product (GDP) and 90 percent of its exports revenues.