Kuwait wants oil price above $60 a barrel
Kuwait needs oil prices to stay above $60 a barrel to help meet the nation's...
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.