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Discuss this article (1 Comments)Kuwait eyes $70-90 oil in 2010
by This email address is being protected from spam bots, you need Javascript enabled to view it on Tuesday, 11 August 2009
OIL PRICE: Kuwait would be happy with $70-90 oil in 2010. (Getty Images)
An oil price of $70 to $90 a barrel in 2010 would be acceptable to OPEC-member Kuwait given the state of global finance, a top official was reported as saying in a Kuwait newspaper on Tuesday.
US oil traded at $71.05 on Tuesday, a few dollars below the $75 OPEC has targeted to attract investment in capacity to supply the world's future energy demand.
Imad al-Atiqi, a member of Kuwait's Supreme Oil Council told al-Seyassah newspaper: "$70 to $90 a barrel is considered an acceptable price for oil in 2010 amid the global financial circumstances."
The council is the top decision making body for oil policy in the world's fourth-largest exporter.
A price above $100 was detrimental to the interests of oil producers in the long-term, Atiqi said. High prices encourage development of alternative energy sources that reduces long-term demand for oil.
The country's oil minister said last week that there was no need for OPEC to cut production at its September meeting if oil prices stay where they are.
Oil has recovered from a low near $32 a barrel in December, a price that threatened the state budgets of major oil producers who had grown accustomed to much higher income from their principal revenue-earner.
With prices at current levels, Kuwait and neighbouring Gulf Arab oil producers are expected to generate budget surpluses. (Reuters)
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The beginning of the end of high Oil prices
Posted by Chris, Dubai, UAE on Wednesday 12 August 2009 at 11:38 UAE time
General Motors unveils the VOLT plug-in hybrid - claims 230 miles per gallon in city driving. Combine that with Freeway driving and discount the marketing hype - even if one were to get 125 miles a gallon - the high oil costs are history.
The Volt, expected to hit showrooms late next year, can be plugged into a normal household outlet and travel exclusively on electricity for about 40 miles. After that, a small gasoline motor kicks in. The 230 mpg estimate grabbing the headlines is for city driving only and assumes the driver is operating mainly on electricity.
Now wait for announcements from Nissan, Toyota, Honda and Ford. They are expected to outdo this and these hybrid cars shud be in the showroom by this next year.
And the United states govt in its green endeavor is providing tax benefits to buyers.
Lets see oil prices touch $ 90 after that per barrel.
Posted by Chris, Dubai, UAE on Wednesday 12 August 2009 at 11:38 UAE time
General Motors unveils the VOLT plug-in hybrid - claims 230 miles per gallon in city driving. Combine that with Freeway driving and discount the marketing hype - even if one were to get 125 miles a gallon - the high oil costs are history.
The Volt, expected to hit showrooms late next year, can be plugged into a normal household outlet and travel exclusively on electricity for about 40 miles. After that, a small gasoline motor kicks in. The 230 mpg estimate grabbing the headlines is for city driving only and assumes the driver is operating mainly on electricity.
Now wait for announcements from Nissan, Toyota, Honda and Ford. They are expected to outdo this and these hybrid cars shud be in the showroom by this next year.
And the United states govt in its green endeavor is providing tax benefits to buyers.
Lets see oil prices touch $ 90 after that per barrel.
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