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Kuwait wants oil price above $60 a barrel

July 5, 2009 1:07 by Dana El Baltaji

Kuwait needs the price of oil to  stay above $60 a barrel to help meet the nation’s “budgetary requirements,” said the nation’s Oil Minister Sheikh Ahmad Al Abdullah Al Sabah to journalists at parliament, according to a report in Reuters.

“We will be watching the market very closely,” he said, “we would not like to see the price go below a certain level.”

However, oil prices above $100 would hurt the world economy, Sheikh Ahmad added.

Crude oil tumbled almost $8 last week from an eight-month peak of $73.38.

Tags: $60, Kuwait, Oil Minister, oil prices, Sheikh Ahmad Al Abdullah Al Sabah