Kuwait 's oil minister said Monday he agreed with comments made a day earlier by his Saudi counterpart that world crude oil markets are oversupplied.

"There is sufficent oil supplies in the market," Sheik Ahmad Al Abdullah Al Sabah said at the sidelines of a meeting of Asian energy ministers in Kuwait .

Asked whether he agreed with Saudi Arabia 's Ali Naimi, who said Sunday that the global oil market is oversupplied, Sheik Ahmad said: "Yes, the market is oversupplied."

He added that oil prices "are mainly driven now by speculation, geopolitics."

Sheik Ahmad said a loss in exports from Libya had been compensated for and no Organization of Petroleum Exporting Countries country was seeking an increase in the group's output target. About 1 million barrels a day of crude exports have been lost from Libya due to the country's civil war.

"Libyan oil shortage has been compensated...no OPEC member is asking for output hike," he said.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in May traded at $107.91 a barrel at 1230 GMT, down $1.75
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