DUBAI, United Arab Emirates (AP) — Kuwait's oil minister says he believes the global oil market is relatively stable despite tightening sanctions on Iran and the recent threat of an industry shutdown in Norway.

Oil Minister Hani Hussein's comments Wednesday suggest that OPEC's fourth largest oil exporter does not see an urgent need for a significant change to crude supplies. His comments were carried by the official Kuwait News Agency.

Oil traders have been closely watching the effect on global oil supplies after a European Union ban on Iranian oil came into full effect July 1.

The threat of a production shutdown caused by a labor dispute in non-OPEC producer Norway also raised traders' concerns, but the government there intervened to end a strike Tuesday.