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Kuwait Wants Oil Prices to Stay Above $60 a Barrel

Bloomberg -- July 5 (Bloomberg) -- Kuwait, the sixth-biggest OPEC producer, wants to see oil prices stay above $60 a barrel and will watch the market closely before deciding on its output at OPEC’s meeting in September, the country’s oil minister said.

“We’d like to see the price not go below a certain level, at least to meet our budgetary target,” Sheikh Ahmed al-Abdullah al-Sabah told reporters today in Kuwait City. That certain level for Kuwait is $60 a barrel, he said.

“I can not increase production without seeing the price, the condition of the world economy; all these things have to be taken into consideration”


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Submitted Jul 05, 2009 By: cobey24
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Author Topic: Kuwait Wants Oil Prices to Stay Above $60 a Barrel Topic is locked Back to Topics
REPLIES (newest first)
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spudly03
Champion Author Boise

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Message Posted: Jul 5, 2009 7:04:01 PM

Why does OPEC meet, they all do what they want anyway.
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butterflyXB
Rookie Author California

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Message Posted: Jul 5, 2009 6:59:35 PM

Sure they do!!!!!!!!!!!!
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ByGuy
Champion Author Dallas

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Message Posted: Jul 5, 2009 6:59:22 PM

I would like to see oil prices below $50 a barrel and watch the market too!
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Z51Corvette
Champion Author Austin

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Message Posted: Jul 5, 2009 6:59:19 PM

No duh, Sherlock! I figured somewhere between $55 and $60... would rather see $55, KWIM!!!
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salog
Champion Author Columbia

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Message Posted: Jul 5, 2009 6:41:26 PM

of course they do, they export oil.
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Paw5X
Champion Author Gary

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Message Posted: Jul 5, 2009 6:40:49 PM

Imagine that!
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CiVX
Champion Author Oakland

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Message Posted: Jul 5, 2009 6:38:41 PM

The first thing the royal family did when the US returned them to power was do away with all those who had stayed and resisted the Iraqis, what can you expect?
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mk9999
Champion Author Rochester

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Message Posted: Jul 5, 2009 6:29:44 PM

How fast they forget. We should be getting half prices oil from them forever for getting Saddam out of their country.
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sunchild
Veteran Author Indiana

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Message Posted: Jul 5, 2009 6:23:29 PM

We should have made deal with them back when we saved their asses! How soon they forget.
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REBA1055
Sophomore Author Ohio

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Message Posted: Jul 5, 2009 6:22:36 PM

Yea these people get richer and we struggle to keep afloat because of there greed. We need to conserve so they can't line there pockets with our money.

[Edited by: REBA1055 at 7/5/2009 6:23:30 PM EST]
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clermont40miles
Champion Author Cincinnati

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Message Posted: Jul 5, 2009 6:17:07 PM

I hope they don't get what THEY want.

Economy can't bear these high prices. Need to get back to 35-40 barrel oil.

Soon.
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vamike
Champion Author Virginia

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Message Posted: Jul 5, 2009 6:13:35 PM

Greed, greed, greed!
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Mowerman08
All-Star Author Milwaukee

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Message Posted: Jul 5, 2009 6:07:54 PM

An admission that they have grown used to "the good life" from high oil price sales.
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Amtrgas
Champion Author Oakland

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Message Posted: Jul 5, 2009 5:52:20 PM

If the price is not high enough, you just do not increase production. That is how you keep the price up. Supply and Demand.
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caddilac
Champion Author Ontario

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Message Posted: Jul 5, 2009 5:51:57 PM

The only thing that Kuwait wants to 'take into consideration', is how much money they can strip from us.

They have us by the b---s, and there are those in North America that will help them to keep that hold on us by fighting against 'home developed' alternative energy sources.

Any money sent to OPEC will be given to the terrorists by some of those OPEC countries.

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tomok
Champion Author Portland

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Message Posted: Jul 5, 2009 5:34:00 PM

People in hell want ice water too!
It doesn’t mean your going to get it!
Alternative fuels from NON food sources and CNG. No subsidies for fuel made from food.
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downstream
Sophomore Author Little Rock

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Message Posted: Jul 5, 2009 5:29:25 PM

you can increase production without seeing the price... but wait! who asked for increased production? so, your philosophy is to increase production, thereby increasing the price? hm... like foghorn leghorn said, "It just don't add up!" (though i also liked, "No, I'd better not look; I just might be in there...")
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ramboTX
Champion Author Dallas

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Message Posted: Jul 5, 2009 5:28:43 PM

Oil is the only income for Kuwait.
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subnuke
Champion Author Atlanta

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Message Posted: Jul 5, 2009 5:28:11 PM

Ok - so what?
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GOLDWING2003
Champion Author California

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Message Posted: Jul 5, 2009 5:22:21 PM

The Kuwati's, just like the Saudi's, don't want it to be economically feasible for us to look for alternatives.
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nozzle46
Champion Author Little Rock

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Message Posted: Jul 5, 2009 5:20:02 PM

Specs are not going to pay any attention to this.
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billsandi
Champion Author Lexington

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Message Posted: Jul 5, 2009 5:19:58 PM


I'm relatively sure Kuwait won't have any problem doing that.
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DancingDee
Champion Author Gary

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Message Posted: Jul 5, 2009 5:07:41 PM

Oh I'm sure!
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netman044
Champion Author Texas

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Message Posted: Jul 5, 2009 5:07:24 PM

I don't think that the speculators will have any trouble keeping oil at or above $60.00.
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rgjoslin
Champion Author Colorado Springs

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Message Posted: Jul 5, 2009 5:07:09 PM

Will it affect the prices at the pump?
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rvjer
Rookie Author California

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Message Posted: Jul 5, 2009 5:07:02 PM

>>How quickly Kuwait forgets.<<

Sad, but true.
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trcscout
Veteran Author Georgia

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Message Posted: Jul 5, 2009 5:06:31 PM

GREEDY BASTERDS! I guess they have forgoten that we saved there ASS in the past
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rgjoslin
Champion Author Colorado Springs

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Message Posted: Jul 5, 2009 5:04:57 PM

Will it affect the price we pay at the pump?
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TopGunn
Champion Author Baltimore

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Message Posted: Jul 5, 2009 5:03:45 PM

Need to 'pull down' their lofty sights in todays economy. So much for unreal 'budgetary targets'.
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saveongasNC
Champion Author North Carolina

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Message Posted: Jul 5, 2009 5:03:12 PM

People in Hell would like to have ice water!
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the_peddler
Champion Author Detroit

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Message Posted: Jul 5, 2009 4:56:37 PM

we need to keep working on alternative fuels, so we can tell kuwait to take their oil and stuff it!
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FlashMO
Rookie Author St. Louis

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Message Posted: Jul 5, 2009 4:55:07 PM

I too would like to meet my 'budgetary target'. The hell with Kuwaits! Move over you tree huggers we need to start drilling in Alaska.
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MikLamb
Champion Author Texas

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Message Posted: Jul 5, 2009 4:48:10 PM

Keep conserving. Keep demand low.
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LeeFree
Champion Author Pittsburgh

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Message Posted: Jul 5, 2009 4:48:07 PM

How quickly Kuwait forgets.
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05HD
All-Star Author Cincinnati

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Message Posted: Jul 5, 2009 4:46:07 PM

WHAT CAN WE GET?THE HELL WITH THE REST OF THE WORLED.
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Focus2
Champion Author Illinois

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Message Posted: Jul 5, 2009 4:44:56 PM

e3po writes; Gee thanks Kuwait. Maybe you prefer Sadam?

My thoughts exactly!
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TBONE3
Champion Author Pennsylvania

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Message Posted: Jul 5, 2009 4:44:33 PM

Thanks Kuwait! We saved your behind and we can loose it for you if you like, Don't mess with Uncle Sam.
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WCCurtis
Champion Author San Bernardino

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Message Posted: Jul 5, 2009 4:44:22 PM

Prices will start falling this week since the July 4th Holiday will be over.
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trojanskip
All-Star Author Orange County

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Message Posted: Jul 5, 2009 4:35:54 PM

did'nt we lose a few lives in kuwait??
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DrCashFlow
Champion Author Massachusetts

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Message Posted: Jul 5, 2009 4:33:38 PM

its cost per barrell is rising meaningfully.
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DarthDadJr
Champion Author Virginia

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Message Posted: Jul 5, 2009 4:31:09 PM

Nice but meaningless statement -- supply and demand should set the price...I did not see Kuwait crying when oil hit $147 a barrel last year.
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e3p0
Champion Author Columbus

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Message Posted: Jul 5, 2009 4:27:26 PM

Gee thanks Kuwait. Maybe you prefer Sadam?
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georgeo
Champion Author California

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Message Posted: Jul 5, 2009 4:22:52 PM

Ask the Kuwaitis if they remember a fellow from Iraq that stopped their oil production cold and that we lost lives restoring that production.
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BillHeatherL
Champion Author Alberta

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Message Posted: Jul 5, 2009 4:20:56 PM

they got to fill their pockets with our money
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BigBobOH
Sophomore Author Cleveland

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Message Posted: Jul 5, 2009 4:20:20 PM

My "budgetary taget" wants to see gas at around $30 a barrel.. I guess Kuwait could care less about my needs!!!
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aarrrt
Champion Author San Diego

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Message Posted: Jul 5, 2009 4:18:10 PM

As many others have stated below, "Thanks for the assistance USA, now it's time to repay you". What, can't build any more palaces? Up yours Kuwait.
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DieselDogf350
Rookie Author San Jose

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Message Posted: Jul 5, 2009 4:10:02 PM

Can't wait for another country to invade Kuwait again. WE fight their wars for them and they f**k us with our own ....!
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Sneakers55
Champion Author Houston

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Message Posted: Jul 5, 2009 4:06:48 PM

Bud122CA wrote:

>This is EXACTLY why we need to drill our own wells NOW. We shouldn't
>let other countries dictate to us prices or anything else.

When oil companies drill, they're expecting to get the market price.

The oil company that will come up with prices you'd like is OSO (Obama Socialist Oil). Only 1295 days left for Maxine Waters to carry through with her threat and nationalize the oil companies (let them start with BP and Shell).

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hockeydadOH
Sophomore Author Cincinnati

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Message Posted: Jul 5, 2009 4:06:01 PM

DRILL HERE..DRILL NOW.......Save our country and our jobs...
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PDQBlues
Champion Author San Diego

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Message Posted: Jul 5, 2009 4:02:18 PM

This is exactly why the US needs alternative fuel sources, and get away from being dependent on fossils fuels. Think about having an unlimited energy supply that we produce here, with a zero-carbon footprint. It can be done with the technology we have already. Solar, wind, nuclear, and renewable non-food sources such as algae and corn husks.
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Sneakers55
Champion Author Houston

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Message Posted: Jul 5, 2009 4:01:33 PM

nojsts wrote:

>Who cares what Kuwait wants.

We happen to have a lot of oil that we'd like to buy.

>The U.S. Bailed their butts out when Iraq invaded them in the "90's
>What do they do for us? NOTHING.

Who do you think funded Desert Storm?
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Bud122CA
Champion Author California

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Message Posted: Jul 5, 2009 3:57:47 PM

This is EXACTLY why we need to drill our own wells NOW. We shouldn't let other countries dictate to us prices or anything else.
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