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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	Post a Reply Back to Topics

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eagleeye2008 Champion Author Wisconsin Posts:2,516 Points:473,315 Joined:Jul 2008	Message Posted: Jul 5, 2009 2:21:02 PM Ignore eagleeye2008 Report Abuse MORE ABOUT "PRICE CONTROL",,,FOR EVEN GREATER GREED !!!,, SO YOU REALLY THOUGHT THAT IT HAD ANYTHING TO DO WITH----"SUPPLY & DEMAND" !!!!
BluestarAZ Veteran Author Arizona Posts:372 Points:113,945 Joined:May 2008	Message Posted: Jul 5, 2009 2:20:07 PM Ignore BluestarAZ Report Abuse Kuwait should be giving us a BIG discount. If not for us, they would be speaking Iraqui.
LittleBlueCarNY All-Star Author Albany Posts:757 Points:385,500 Joined:Apr 2008	Message Posted: Jul 5, 2009 2:18:31 PM Ignore LittleBlueCarNY Report Abuse Serious greed going on here. Why am I not surprised???
pitchingcoach Champion Author Michigan Posts:1,271 Points:140,175 Joined:Aug 2008	Message Posted: Jul 5, 2009 2:17:53 PM Ignore pitchingcoach Report Abuse Iwant it to stay under $32. Who will prevail?
coke_kid Champion Author Chicago Posts:1,027 Points:253,165 Joined:Nov 2005	Message Posted: Jul 5, 2009 2:15:31 PM Ignore coke_kid Report Abuse i dont trust any people from Opec, they are greedy and mean to the people of the US..
Slyguy1060 Champion Author Michigan Posts:4,935 Points:970,045 Joined:Feb 2007	Message Posted: Jul 5, 2009 2:13:37 PM Ignore Slyguy1060 Report Abuse Really?? Hmmm I am shocked! Greed rearing it's ugly head yet again.
phurburger Champion Author Atlanta Posts:1,719 Points:364,145 Joined:Oct 2005	Message Posted: Jul 5, 2009 2:12:16 PM Ignore phurburger Report Abuse Hah!
paulydel Champion Author Delaware Posts:3,008 Points:363,545 Joined:Jan 2008	Message Posted: Jul 5, 2009 2:10:33 PM Ignore paulydel Report Abuse Budgetary target my foot. The translation is they want to keep their profit margins up or get more.
AnObserver Champion Author New Jersey Posts:3,167 Points:1,185,655 Joined:Sep 2005	Message Posted: Jul 5, 2009 2:06:26 PM Ignore AnObserver Report Abuse DUH ... I guess if I were a major producer I'd like the price stay high also
ItisAJeepThing Champion Author Tucson Posts:10,129 Points:1,038,460 Joined:Oct 2006	Message Posted: Jul 5, 2009 2:05:27 PM Ignore ItisAJeepThing Report Abuse Don't expect prices below $50 ever again.
UncleCurt Champion Author Winnipeg Posts:2,105 Points:273,010 Joined:Feb 2009	Message Posted: Jul 5, 2009 2:05:16 PM Ignore UncleCurt Report Abuse BazooQC I agree it is not about budget but profit.
thirstyauto Champion Author Milwaukee Posts:3,650 Points:355,310 Joined:Nov 2008	Message Posted: Jul 5, 2009 2:04:46 PM Ignore thirstyauto Report Abuse It's likely the prices will go where they want them.
Cerberus2k All-Star Author Phoenix Posts:673 Points:424,535 Joined:Apr 2008	Message Posted: Jul 5, 2009 2:04:38 PM Ignore Cerberus2k Report Abuse oil should be $25
balljars Champion Author Michigan Posts:2,269 Points:453,075 Joined:Aug 2008	Message Posted: Jul 5, 2009 2:03:04 PM Ignore balljars Report Abuse WAY to high about $30 a barrel is right
uglytom Champion Author Florida Posts:1,787 Points:418,125 Joined:Jul 2007	Message Posted: Jul 5, 2009 2:02:23 PM Ignore uglytom Report Abuse The Saudi's will fix that!
BazooQC Champion Author Montreal Posts:3,091 Points:391,785 Joined:Oct 2008	Message Posted: Jul 5, 2009 2:01:59 PM Ignore BazooQC Report Abuse "to meet our budgetary target,” That doesn't mean they are not making money. To me it means they want to maintain a certain level of profit. High profit because they should have been making money at $20 a barrel too.
CLM06 Champion Author Tampa Posts:3,250 Points:840,775 Joined:Sep 2006	Message Posted: Jul 5, 2009 2:01:49 PM Ignore CLM06 Report Abuse Of course they do they want to screw the US
Valricoslash All-Star Author Tampa Posts:680 Points:170,205 Joined:Nov 2008	Message Posted: Jul 5, 2009 1:59:08 PM Ignore Valricoslash Report Abuse And we, the US consumer would like to see the prices of crude drop to abut $30 a barrel. In the end you get what the market will bear. I guess they need that price to pay for all of their goevernment programs that they instituted last year when the price was high. They should try cutting back.
OCCADJ Rookie Author Orange County Posts:1 Points:33,320 Joined:Mar 2009	Message Posted: Jul 5, 2009 1:54:32 PM Ignore OCCADJ Report Abuse We want it below $60 and they want it above $60. Guess who gets the final say in this? We all need to fight them in this by going more renewable. Put up some solar pannels on your house, buy vehicals that use renewables, etc. It's not just conserving any more. It's making it ourselves!
beachbumCA Champion Author Riverside Posts:2,550 Points:487,585 Joined:May 2008	Message Posted: Jul 5, 2009 1:54:22 PM Ignore beachbumCA Report Abuse As we print money out of thin air the price will go UP.
Price_Patrol Champion Author Cincinnati Posts:4,666 Points:822,815 Joined:Jun 2007	Message Posted: Jul 5, 2009 1:53:57 PM Ignore Price_Patrol Report Abuse $60.00 is not bad.
fullauto Rookie Author Pennsylvania Posts:33 Points:337,240 Joined:Apr 2008	Message Posted: Jul 5, 2009 1:52:59 PM Ignore fullauto Report Abuse holding a basket of energy stocks as part of a diversified p..folio, oil can go past 140$ (to infinity and beyond!)stop being only consumers and griping...get paid as well.
KMAL Champion Author Missouri Posts:1,853 Points:354,395 Joined:Sep 2008	Message Posted: Jul 5, 2009 1:52:27 PM Ignore KMAL Report Abuse Of Course they do.
Ltdc All-Star Author Long Island Posts:961 Points:444,020 Joined:Jul 2007	Message Posted: Jul 5, 2009 1:45:53 PM Ignore Ltdc Report Abuse I'm surprised it's only $60.
foxups Champion Author Toledo Posts:2,817 Points:554,110 Joined:Feb 2004	Message Posted: Jul 5, 2009 1:42:33 PM Ignore foxups Report Abuse well we want oil to be below 60
FordGuy48 Champion Author Albuquerque Posts:1,034 Points:259,470 Joined:Jul 2005	Message Posted: Jul 5, 2009 1:42:10 PM Ignore FordGuy48 Report Abuse I think we should be getting oil free from Kuwait after the Gulf War!!
dabuzman Champion Author Seattle Posts:2,824 Points:795,205 Joined:Apr 2006	Message Posted: Jul 5, 2009 1:42:03 PM Ignore dabuzman Report Abuse We should have taken then over and not given Kuwait back. They don't appreciate any thing anyone has done for then. So lets charge then for their freedom and with interest and collect ever last dollar.
sgonza98 Champion Author San Antonio Posts:3,442 Points:541,605 Joined:Apr 2004	Message Posted: Jul 5, 2009 1:39:19 PM Ignore sgonza98 Report Abuse Gotta pay for all that modernization.
no_monkey2002 Champion Author Tallahassee Posts:2,464 Points:865,955 Joined:Mar 2006	Message Posted: Jul 5, 2009 1:39:11 PM Ignore no_monkey2002 Report Abuse Hogs...Greedy...OPEC..will kill U
buggydeb Champion Author Florida Posts:2,579 Points:476,165 Joined:Jun 2008	Message Posted: Jul 5, 2009 1:36:53 PM Ignore buggydeb Report Abuse Above $60 is ok by me, but not over $70..
skippypa Champion Author Hawaii Posts:2,062 Points:476,215 Joined:Jun 2008	Message Posted: Jul 5, 2009 1:35:07 PM Ignore skippypa Report Abuse Kuwait remember how the US got your country back for you, now you turn your backs on us. You should have giving your oil to us for dirt cheap.
LocalSpyGuy Champion Author Tampa Posts:1,576 Points:342,640 Joined:Nov 2008	Message Posted: Jul 5, 2009 1:34:46 PM Ignore LocalSpyGuy Report Abuse I don't think the consumers are worried about Kuwait's Budgetary target.
Tru2psu2 Champion Author Winston-Salem Posts:3,599 Points:345,505 Joined:Feb 2004	Message Posted: Jul 5, 2009 1:33:23 PM Ignore Tru2psu2 Report Abuse Bite the hand that feeds them!!!
jimgraham Champion Author Akron Posts:3,874 Points:725,220 Joined:Oct 2007	Message Posted: Jul 5, 2009 1:33:22 PM Ignore jimgraham Report Abuse Who cares what Kuwait wants - I want oil at $10 or lower and I don't get it - OPEC usually gets what they want till they nearly kill the golden goose.
UTOrangeMan Champion Author Atlanta Posts:3,949 Points:555,025 Joined:Mar 2008	Message Posted: Jul 5, 2009 1:32:22 PM Ignore UTOrangeMan Report Abuse Just like the OPECkers. Save em and this is the thanks we get.
GCL Champion Author San Jose Posts:12,836 Points:1,507,390 Joined:Aug 2003	Message Posted: Jul 5, 2009 1:31:51 PM Ignore GCL Report Abuse You can't continue buying solid gold Roll Royce's if you drop below a certain price...
guyincognitoNY Champion Author New York Posts:1,943 Points:395,285 Joined:Sep 2008	Message Posted: Jul 5, 2009 1:30:48 PM Ignore guyincognitoNY Report Abuse next time they get invaded let them all get killed.
Tru2psu2 Champion Author Winston-Salem Posts:3,599 Points:345,505 Joined:Feb 2004	Message Posted: Jul 5, 2009 1:29:42 PM Ignore Tru2psu2 Report Abuse That's what we get for rescuing them from Iraq in the 90's!!!!
arvo87 Champion Author New Mexico Posts:2,263 Points:451,675 Joined:Jul 2008	Message Posted: Jul 5, 2009 1:29:21 PM Ignore arvo87 Report Abuse but cutting production reduces income as well
LuckyD43 Champion Author Phoenix Posts:11,660 Points:1,332,845 Joined:Apr 2005	Message Posted: Jul 5, 2009 1:26:43 PM Ignore LuckyD43 Report Abuse This is typical greedy OPEC tactics. The more money they have, the more they want.
kruk Champion Author London Posts:1,889 Points:212,425 Joined:Jan 2007	Message Posted: Jul 5, 2009 1:26:29 PM Ignore kruk Report Abuse Bloomberg is spreading fear so Kuweit can get what they want - Bloomberg and Wall Street speculators are real americans working for arabs interest
baitmn Champion Author New Orleans Posts:2,548 Points:846,750 Joined:Sep 2006	Message Posted: Jul 5, 2009 1:24:27 PM Ignore baitmn Report Abuse for sure it is more money in their pockets not ours, just GREED
papou Champion Author Tampa Posts:4,868 Points:755,000 Joined:Jul 2005	Message Posted: Jul 5, 2009 1:23:28 PM Ignore papou Report Abuse they control the prices
clww Champion Author Virginia Beach Posts:18,715 Points:371,465 Joined:Nov 2008	Message Posted: Jul 5, 2009 1:23:08 PM Ignore clww Report Abuse This is super from our "friend" and "ally" nation of Kuwait. I'm so glad I could come over there and risk my life to save your country from Saddam. This is how you repay us? Typical OPEC bs!
I10Express Champion Author San Antonio Posts:2,232 Points:375,395 Joined:Nov 2008	Message Posted: Jul 5, 2009 1:21:22 PM Ignore I10Express Report Abuse Of course they want it over $60 and 60 days ago they were saying it needed to be over $70. Get the commodities crooks our of the mix and maybe we could have some reasonable pricing and stability.
armstrmb Champion Author Houston Posts:3,889 Points:829,680 Joined:Jun 2007	Message Posted: Jul 5, 2009 1:17:35 PM Ignore armstrmb Report Abuse Conserve. Let them eat sand.
dollarwatcher Champion Author Wisconsin Posts:1,544 Points:275,825 Joined:Mar 2007	Message Posted: Jul 5, 2009 1:17:00 PM Ignore dollarwatcher Report Abuse Kuwait can take a flying leap. Adjust your expences to match your income.
DTGas Champion Author Ontario Posts:2,069 Points:416,320 Joined:Feb 2008	Message Posted: Jul 5, 2009 1:16:05 PM Ignore DTGas Report Abuse It should read "Americans Wants Oil Prices to Stay below $40 a Barrel"
WP62 All-Star Author New Hampshire Posts:718 Points:831,545 Joined:Sep 2006	Message Posted: Jul 5, 2009 1:15:21 PM Ignore WP62 Report Abuse ..."Kuwait wants to talk with international oil companies to develop all the emirate’s oil fields, according to Sheikh Ahmed. “Of course we need them in Kuwait, all over Kuwait. We need their expertise”..." All they want to do is sit back and rake in the money while getting someone else to do the work.
Rick52 Champion Author Milwaukee Posts:3,608 Points:125,155 Joined:Mar 2005	Message Posted: Jul 5, 2009 1:14:58 PM Ignore Rick52 Report Abuse KUWAIT !!!! You'll get what we give you... NO MORE !!!!!
jb107 Champion Author New Jersey Posts:3,465 Points:1,372,405 Joined:Sep 2005	Message Posted: Jul 5, 2009 1:14:40 PM Ignore jb107 Report Abuse $60 par barrel is not that bad a price if it remains steady