Mubasher: Iraq, Saudi Arabia, and Kuwait look to increase oil prices to $60 per barrel (pb), Al Bilad newspaper reported on Monday, citing Iraqi oil minister Jabbar Ali Al-Luaibi as saying.

The reason for this is to bolster these economies, he said, noting that the three countries support the decision to trim oil production next month.

US shale oil tends to be more affected by the rise and fall in energy prices compared to other types of energy, the Iraqi minister said.

Kuwait needs to increase its oil prices to improve its economy, the newspaper said, noting that Iraq needs to do the same to bring in more revenues and compensate for the aftermath of the ongoing political tensions and violence.

Meanwhile, Saudi Arabia plans to offer 5% of state-owned Saudi Arabian Oil (Aramco) for public subscription and therefore seeks to raise the price per barrel of its oil.

All oil producers can cope with $60 pb, officials at the Organization of Petroleum Exporting Countries (OPEC) said, according to the newspaper.

This will encourage investment in energy and increasing production, with the exception of US shale producers, they added.

OPEC members agreed in November 2016 to reduce oil production by 1.2 million barrels daily.

In March, Kuwait's oil minister Essam Abdulmohsen Al Marzooq said that commitment by OPEC members to the oil production cut deal reached 140% in February 2017, while non-OPEC members' compliance to the deal was seen at between 50% and 60%.