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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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spudly03 Champion Author Boise Posts:1,140 Points:276,740 Joined:Sep 2007	Message Posted: Jul 5, 2009 7:04:01 PM Ignore spudly03 Report Abuse Why does OPEC meet, they all do what they want anyway.
butterflyXB Rookie Author California Posts:45 Points:265,425 Joined:Jul 2008	Message Posted: Jul 5, 2009 6:59:35 PM Ignore butterflyXB Report Abuse Sure they do!!!!!!!!!!!!
ByGuy Champion Author Dallas Posts:3,221 Points:784,685 Joined:Nov 2005	Message Posted: Jul 5, 2009 6:59:22 PM Ignore ByGuy Report Abuse I would like to see oil prices below $50 a barrel and watch the market too!
Z51Corvette Champion Author Austin Posts:4,120 Points:799,890 Joined:Jan 2008	Message Posted: Jul 5, 2009 6:59:19 PM Ignore Z51Corvette Report Abuse No duh, Sherlock! I figured somewhere between $55 and $60... would rather see $55, KWIM!!!
salog Champion Author Columbia Posts:3,515 Points:876,005 Joined:Oct 2006	Message Posted: Jul 5, 2009 6:41:26 PM Ignore salog Report Abuse of course they do, they export oil.
Paw5X Champion Author Gary Posts:5,694 Points:1,540,170 Joined:May 2005	Message Posted: Jul 5, 2009 6:40:49 PM Ignore Paw5X Report Abuse Imagine that!
CiVX Champion Author Oakland Posts:3,103 Points:528,585 Joined:Feb 2009	Message Posted: Jul 5, 2009 6:38:41 PM Ignore CiVX Report Abuse 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?
mk9999 Champion Author Rochester Posts:2,952 Points:691,245 Joined:Aug 2008	Message Posted: Jul 5, 2009 6:29:44 PM Ignore mk9999 Report Abuse How fast they forget. We should be getting half prices oil from them forever for getting Saddam out of their country.
sunchild Veteran Author Indiana Posts:483 Points:511,305 Joined:Mar 2008	Message Posted: Jul 5, 2009 6:23:29 PM Ignore sunchild Report Abuse We should have made deal with them back when we saved their asses! How soon they forget.
REBA1055 Sophomore Author Ohio Posts:236 Points:426,405 Joined:Apr 2008	Message Posted: Jul 5, 2009 6:22:36 PM Ignore REBA1055 Report Abuse 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]
clermont40miles Champion Author Cincinnati Posts:4,746 Points:802,995 Joined:Apr 2008	Message Posted: Jul 5, 2009 6:17:07 PM Ignore clermont40miles Report Abuse 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.
vamike Champion Author Virginia Posts:1,402 Points:439,065 Joined:Dec 2008	Message Posted: Jul 5, 2009 6:13:35 PM Ignore vamike Report Abuse Greed, greed, greed!
Mowerman08 All-Star Author Milwaukee Posts:959 Points:429,700 Joined:Aug 2008	Message Posted: Jul 5, 2009 6:07:54 PM Ignore Mowerman08 Report Abuse An admission that they have grown used to "the good life" from high oil price sales.
Amtrgas Champion Author Oakland Posts:2,134 Points:782,435 Joined:Dec 2007	Message Posted: Jul 5, 2009 5:52:20 PM Ignore Amtrgas Report Abuse If the price is not high enough, you just do not increase production. That is how you keep the price up. Supply and Demand.
caddilac Champion Author Ontario Posts:10,642 Points:1,158,080 Joined:Apr 2007	Message Posted: Jul 5, 2009 5:51:57 PM Ignore caddilac Report Abuse 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.
tomok Champion Author Portland Posts:18,274 Points:1,364,110 Joined:Aug 2006	Message Posted: Jul 5, 2009 5:34:00 PM Ignore tomok Report Abuse 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.
downstream Sophomore Author Little Rock Posts:143 Points:528,010 Joined:Mar 2006	Message Posted: Jul 5, 2009 5:29:25 PM Ignore downstream Report Abuse 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...")
ramboTX Champion Author Dallas Posts:4,278 Points:833,465 Joined:Aug 2007	Message Posted: Jul 5, 2009 5:28:43 PM Ignore ramboTX Report Abuse Oil is the only income for Kuwait.
subnuke Champion Author Atlanta Posts:2,783 Points:562,825 Joined:Sep 2008	Message Posted: Jul 5, 2009 5:28:11 PM Ignore subnuke Report Abuse Ok - so what?
GOLDWING2003 Champion Author California Posts:1,713 Points:421,310 Joined:Jun 2008	Message Posted: Jul 5, 2009 5:22:21 PM Ignore GOLDWING2003 Report Abuse The Kuwati's, just like the Saudi's, don't want it to be economically feasible for us to look for alternatives.
nozzle46 Champion Author Little Rock Posts:2,468 Points:623,455 Joined:Jul 2006	Message Posted: Jul 5, 2009 5:20:02 PM Ignore nozzle46 Report Abuse Specs are not going to pay any attention to this.
billsandi Champion Author Lexington Posts:7,572 Points:1,408,225 Joined:Aug 2005	Message Posted: Jul 5, 2009 5:19:58 PM Ignore billsandi Report Abuse I'm relatively sure Kuwait won't have any problem doing that.
DancingDee Champion Author Gary Posts:2,631 Points:681,180 Joined:Jul 2005	Message Posted: Jul 5, 2009 5:07:41 PM Ignore DancingDee Report Abuse Oh I'm sure!
netman044 Champion Author Texas Posts:3,844 Points:646,060 Joined:Sep 2005	Message Posted: Jul 5, 2009 5:07:24 PM Ignore netman044 Report Abuse I don't think that the speculators will have any trouble keeping oil at or above $60.00.
rgjoslin Champion Author Colorado Springs Posts:3,480 Points:658,355 Joined:Sep 2008	Message Posted: Jul 5, 2009 5:07:09 PM Ignore rgjoslin Report Abuse Will it affect the prices at the pump?
rvjer Rookie Author California Posts:24 Points:124,110 Joined:Sep 2006	Message Posted: Jul 5, 2009 5:07:02 PM Ignore rvjer Report Abuse >>How quickly Kuwait forgets.<< Sad, but true.
trcscout Veteran Author Georgia Posts:284 Points:36,185 Joined:Feb 2009	Message Posted: Jul 5, 2009 5:06:31 PM Ignore trcscout Report Abuse GREEDY BASTERDS! I guess they have forgoten that we saved there ASS in the past
rgjoslin Champion Author Colorado Springs Posts:3,480 Points:658,355 Joined:Sep 2008	Message Posted: Jul 5, 2009 5:04:57 PM Ignore rgjoslin Report Abuse Will it affect the price we pay at the pump?
TopGunn Champion Author Baltimore Posts:4,224 Points:1,636,735 Joined:Aug 2004	Message Posted: Jul 5, 2009 5:03:45 PM Ignore TopGunn Report Abuse Need to 'pull down' their lofty sights in todays economy. So much for unreal 'budgetary targets'.
saveongasNC Champion Author North Carolina Posts:3,287 Points:721,000 Joined:Aug 2008	Message Posted: Jul 5, 2009 5:03:12 PM Ignore saveongasNC Report Abuse People in Hell would like to have ice water!
the_peddler Champion Author Detroit Posts:1,303 Points:349,150 Joined:Sep 2008	Message Posted: Jul 5, 2009 4:56:37 PM Ignore the_peddler Report Abuse we need to keep working on alternative fuels, so we can tell kuwait to take their oil and stuff it!
FlashMO Rookie Author St. Louis Posts:3 Points:385 Joined:Jul 2009	Message Posted: Jul 5, 2009 4:55:07 PM Ignore FlashMO Report Abuse 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.
MikLamb Champion Author Texas Posts:3,038 Points:1,197,190 Joined:Jun 2006	Message Posted: Jul 5, 2009 4:48:10 PM Ignore MikLamb Report Abuse Keep conserving. Keep demand low.
LeeFree Champion Author Pittsburgh Posts:4,375 Points:1,290,650 Joined:Jun 2005	Message Posted: Jul 5, 2009 4:48:07 PM Ignore LeeFree Report Abuse How quickly Kuwait forgets.
05HD All-Star Author Cincinnati Posts:537 Points:102,190 Joined:Jan 2008	Message Posted: Jul 5, 2009 4:46:07 PM Ignore 05HD Report Abuse WHAT CAN WE GET?THE HELL WITH THE REST OF THE WORLED.
Focus2 Champion Author Illinois Posts:3,999 Points:1,210,905 Joined:Mar 2006	Message Posted: Jul 5, 2009 4:44:56 PM Ignore Focus2 Report Abuse e3po writes; Gee thanks Kuwait. Maybe you prefer Sadam? My thoughts exactly!
TBONE3 Champion Author Pennsylvania Posts:3,870 Points:1,000,670 Joined:Mar 2005	Message Posted: Jul 5, 2009 4:44:33 PM Ignore TBONE3 Report Abuse Thanks Kuwait! We saved your behind and we can loose it for you if you like, Don't mess with Uncle Sam.
WCCurtis Champion Author San Bernardino Posts:2,985 Points:915,465 Joined:Oct 2005	Message Posted: Jul 5, 2009 4:44:22 PM Ignore WCCurtis Report Abuse Prices will start falling this week since the July 4th Holiday will be over.
trojanskip All-Star Author Orange County Posts:636 Points:347,480 Joined:Mar 2008	Message Posted: Jul 5, 2009 4:35:54 PM Ignore trojanskip Report Abuse did'nt we lose a few lives in kuwait??
DrCashFlow Champion Author Massachusetts Posts:2,430 Points:691,395 Joined:Jun 2008	Message Posted: Jul 5, 2009 4:33:38 PM Ignore DrCashFlow Report Abuse its cost per barrell is rising meaningfully.
DarthDadJr Champion Author Virginia Posts:3,318 Points:641,635 Joined:Jul 2008	Message Posted: Jul 5, 2009 4:31:09 PM Ignore DarthDadJr Report Abuse 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.
e3p0 Champion Author Columbus Posts:2,179 Points:583,090 Joined:Mar 2006	Message Posted: Jul 5, 2009 4:27:26 PM Ignore e3p0 Report Abuse Gee thanks Kuwait. Maybe you prefer Sadam?
georgeo Champion Author California Posts:2,491 Points:101,385 Joined:May 2009	Message Posted: Jul 5, 2009 4:22:52 PM Ignore georgeo Report Abuse Ask the Kuwaitis if they remember a fellow from Iraq that stopped their oil production cold and that we lost lives restoring that production.
BillHeatherL Champion Author Alberta Posts:2,756 Points:979,110 Joined:Apr 2007	Message Posted: Jul 5, 2009 4:20:56 PM Ignore BillHeatherL Report Abuse they got to fill their pockets with our money
BigBobOH Sophomore Author Cleveland Posts:217 Points:102,710 Joined:Mar 2009	Message Posted: Jul 5, 2009 4:20:20 PM Ignore BigBobOH Report Abuse My "budgetary taget" wants to see gas at around $30 a barrel.. I guess Kuwait could care less about my needs!!!
aarrrt Champion Author San Diego Posts:2,980 Points:712,275 Joined:May 2008	Message Posted: Jul 5, 2009 4:18:10 PM Ignore aarrrt Report Abuse 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.
DieselDogf350 Rookie Author San Jose Posts:48 Points:222,685 Joined:May 2007	Message Posted: Jul 5, 2009 4:10:02 PM Ignore DieselDogf350 Report Abuse Can't wait for another country to invade Kuwait again. WE fight their wars for them and they f**k us with our own ....!
Sneakers55 Champion Author Houston Posts:31,948 Points:1,292,545 Joined:Nov 2005	Message Posted: Jul 5, 2009 4:06:48 PM Ignore Sneakers55 Report Abuse 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).
hockeydadOH Sophomore Author Cincinnati Posts:201 Points:69,810 Joined:Jun 2009	Message Posted: Jul 5, 2009 4:06:01 PM Ignore hockeydadOH Report Abuse DRILL HERE..DRILL NOW.......Save our country and our jobs...
PDQBlues Champion Author San Diego Posts:2,269 Points:500,375 Joined:Jan 2009	Message Posted: Jul 5, 2009 4:02:18 PM Ignore PDQBlues Report Abuse 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.
Sneakers55 Champion Author Houston Posts:31,948 Points:1,292,545 Joined:Nov 2005	Message Posted: Jul 5, 2009 4:01:33 PM Ignore Sneakers55 Report Abuse 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?
Bud122CA Champion Author California Posts:2,950 Points:674,505 Joined:Jul 2008	Message Posted: Jul 5, 2009 3:57:47 PM Ignore Bud122CA Report Abuse 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.