"As Kuwait I think we should maintain our ceiling at 27 million at this meeting,” the minister, who is also Opec’s president, told reporters.

Opec meets on January 30 in Vienna. US crude prices held just below $49 a barrel yesterday after a weekend a blizzard enveloped the US Northeast, boosting demand for heating oil.

Prices are a long way above the $35 level that the Kuwaiti minister said was Opec’s preferred level.  

“I think $35 was a price acceptable to everybody,” he said. Opec’s reference crude basket was last valued at $42.49 a barrel.

Opec ministers have said this week that strong prices mean the group may be able to resist cutting output even though world supplies are running in excess of demand.

“No doubt the noticeable and renewed rise in prices is due to ... the cold snap in the United States and the second reason remains the worry about market supplies and the geopolitical problems especially in Iraq and the Gulf region,” he said. The Organisation of the Petroleum Exporting Countries is keen to avoid an excessive stockbuild during the second quarter when demand ebbs after the northern winter. The group’s latest forecast projected that stronger-than-expected demand growth should help keep inventories under control.

Opec’s monthly report on Friday projected the group’s current production levels will generate only a modest 1.4 million barrels per day increase in inventories.

“Usually in the second quarter 1 million to 1.5 million I think is normal,” he said.