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Latest News

Kuwait prefers $75-$90 oil price

Prices depend on market conditions, no guarantee.

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December 14, 2010 2:23 by



Kuwait prefers an oil price in the range $75-$90 a barrel, Oil Minister Sheikh Ahmad al-Abdullah al-Sabah said on Tuesday.

“Anything could happen, but we would rather see it between $75-$90. That’s the range that is comfortable from now until the end of the year,” Sheikh Ahmad told reporters at the parliament.

U.S. crude oil futures  were trading at around $88.90 a barrel on Tuesday.

When asked if prices could go above $100 per barrel in 2011, Sheikh Ahmad said that anything was possible, subject to market conditions.

Kuwait, the world’s fourth-largest oil exporter, pumped around 2.31 million barrels per day in November, according to a Reuters survey.

(Reporting by Eman Goma; Editing by William Hardy)



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