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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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Sneakers55 Champion Author Houston Posts:31,941 Points:1,292,465 Joined:Nov 2005	Message Posted: Jul 5, 2009 4:01:33 PM Ignore Sneakers55 Report Abuse nojsts wrote: >Who cares what Kuwait wants. We happen to have a lot of oil that we'd like to buy. >The U.S. Bailed their butts out when Iraq invaded them in the "90's >What do they do for us? NOTHING. Who do you think funded Desert Storm?
Bud122CA Champion Author California Posts:2,950 Points:674,505 Joined:Jul 2008	Message Posted: Jul 5, 2009 3:57:47 PM Ignore Bud122CA Report Abuse This is EXACTLY why we need to drill our own wells NOW. We shouldn't let other countries dictate to us prices or anything else.
Boby All-Star Author San Francisco Posts:783 Points:1,328,355 Joined:Jun 2004	Message Posted: Jul 5, 2009 3:56:41 PM Ignore Boby Report Abuse ...and I want steak for dinner every night, a fully-funded $2.5 million retirement plan courtesy of Kuwait, aligator leather shoes, plus a huge country estate free of any property tax liability. Ok, and what do YOU want?
dhnbBUG Champion Author Pennsylvania Posts:2,621 Points:730,455 Joined:Apr 2008	Message Posted: Jul 5, 2009 3:54:52 PM Ignore dhnbBUG Report Abuse The rest of the world needs to become independent of OPEC and they'll see what's it's like to have to find other means of income besides oil.
lgwhitlock Champion Author Chico Posts:2,809 Points:719,275 Joined:Jun 2008	Message Posted: Jul 5, 2009 3:54:42 PM Ignore lgwhitlock Report Abuse And the USA invaded Iraq all those years ago to save Kuwait. They can hope all they want but that won't help. They can choose not to sell their oil though I suspect OPEC would frown on that so in the end it seems they don't have many options...
Hugo40 Champion Author Kentucky Posts:2,723 Points:647,010 Joined:Aug 2008	Message Posted: Jul 5, 2009 3:52:35 PM Ignore Hugo40 Report Abuse Kuwait wants, Kuwait wants, what about what the rest of the world wants?
psuray All-Star Author Hartford Posts:919 Points:223,650 Joined:Feb 2009	Message Posted: Jul 5, 2009 3:51:50 PM Ignore psuray Report Abuse Thank you very much
day49 All-Star Author Washington Posts:932 Points:709,965 Joined:Apr 2007	Message Posted: Jul 5, 2009 3:51:41 PM Ignore day49 Report Abuse Oil prices are affected by supply and demand. Right now, demand is low due to the worldwide recession. So supply is good. However, watch out when demand increases when the world's economy recovers. We need more supply to off set the increase in demand in a few years.
Beboper Champion Author Virginia Posts:3,752 Points:1,182,410 Joined:Oct 2005	Message Posted: Jul 5, 2009 3:41:42 PM Ignore Beboper Report Abuse tell them to think back okay
pigmanTX Champion Author Houston Posts:1,281 Points:369,735 Joined:Nov 2008	Message Posted: Jul 5, 2009 3:41:00 PM Ignore pigmanTX Report Abuse So what. I want a billion dollars tax free. I am not going to get it either.
ironbox_sara Champion Author Albany Posts:4,691 Points:1,291,675 Joined:Mar 2006	Message Posted: Jul 5, 2009 3:37:26 PM Ignore ironbox_sara Report Abuse Bomb them too.
Panama Red Champion Author San Diego Posts:6,171 Points:1,550,115 Joined:Jun 2004	Message Posted: Jul 5, 2009 3:31:05 PM Ignore Panama Red Report Abuse Maybe Kuwait should reduce its "budgetary target".
dks458 Sophomore Author Boston Posts:128 Points:333,480 Joined:Apr 2008	Message Posted: Jul 5, 2009 3:30:57 PM Ignore dks458 Report Abuse I guess freeing them from Iraq has slipped their memory
MustangKen Champion Author Denver Posts:3,765 Points:631,950 Joined:Apr 2007	Message Posted: Jul 5, 2009 3:28:31 PM Ignore MustangKen Report Abuse I bet they do.
HEBster Champion Author Kentucky Posts:3,918 Points:1,405,435 Joined:May 2006	Message Posted: Jul 5, 2009 3:27:12 PM Ignore HEBster Report Abuse Keep conserving...better for us...
fuelconscious All-Star Author Los Angeles Posts:657 Points:233,960 Joined:Jan 2008	Message Posted: Jul 5, 2009 3:24:56 PM Ignore fuelconscious Report Abuse Kuwait and Saudi Arabia have the same problem we do with Bloated bureaucracy. It seems to be when the price of oil is high they spent lavishly. So in order to that they need to suppress the world with high energy prices.
MalibuGordie Champion Author California Posts:3,353 Points:622,940 Joined:Sep 2008	Message Posted: Jul 5, 2009 3:21:14 PM Ignore MalibuGordie Report Abuse The Kuwati's, just like the Saudi's, don't want it to be economically feasible for us to look for alternatives.
nojsts Champion Author St. Louis Posts:14,043 Points:2,828,980 Joined:May 2002	Message Posted: Jul 5, 2009 3:21:14 PM Ignore nojsts Report Abuse Who cares what Kuwait wants. The U.S. Bailed their butts out when Iraq invaded them in the "90's What do they do for us? NOTHING. I say next time they need our help, let them pay for it.
suzyq2007 Champion Author Dallas Posts:2,784 Points:774,250 Joined:Oct 2007	Message Posted: Jul 5, 2009 3:21:04 PM Ignore suzyq2007 Report Abuse sure they do. They want to make as much money as possible, but we just need to keep conserving
montytexas Champion Author Houston Posts:1,204 Points:716,045 Joined:Jun 2006	Message Posted: Jul 5, 2009 3:20:59 PM Ignore montytexas Report Abuse Ah yes, the "budgetary target"...don't they already have one of the highest per capita incomes in the world ??
Kato51 Champion Author Atlanta Posts:2,819 Points:1,271,995 Joined:Jul 2005	Message Posted: Jul 5, 2009 3:18:18 PM Ignore Kato51 Report Abuse Who cares that they don't want it below $60. Play the competitive game. We here need to keep conserving.
Toppers Champion Author Atlanta Posts:4,097 Points:1,498,140 Joined:Mar 2005	Message Posted: Jul 5, 2009 3:17:26 PM Ignore Toppers Report Abuse I'm sure they're like the Saudi's in that $75/barrel's what they're really lookin' for...
antur Champion Author Chicago Posts:2,007 Points:495,845 Joined:Mar 2008	Message Posted: Jul 5, 2009 3:14:49 PM Ignore antur Report Abuse They do want prices stay high. No doubt.
jmuse Champion Author Long Island Posts:2,219 Points:445,370 Joined:May 2008	Message Posted: Jul 5, 2009 3:13:16 PM Ignore jmuse Report Abuse Didn't we go to war for this country? It's seems that it's all about them.
Ken2OD Champion Author Grand Rapids Posts:4,073 Points:994,535 Joined:Dec 2005	Message Posted: Jul 5, 2009 3:11:53 PM Ignore Ken2OD Report Abuse Let me reiterate what many others are already saying, "GREED, GREED, GREED."
Lizzylou Champion Author Stockton Posts:4,509 Points:1,498,905 Joined:Oct 2005	Message Posted: Jul 5, 2009 3:11:43 PM Ignore Lizzylou Report Abuse Of couse they want the price to stay high -- why would they ever want to make "LESS" money???????
mlambo Champion Author Indiana Posts:7,491 Points:1,708,660 Joined:Mar 2005	Message Posted: Jul 5, 2009 3:09:12 PM Ignore mlambo Report Abuse In 2004 the average price of a barrel of oil was $35.00 and since then the total inflation rate for the last 5 years has been 15.5% which is $5.50 so a barrel of oil now should be $40.50. Their price of $60 is 70% higher than 2004. Maybe the OPEC members want to build more resorts in the desert or order a couple more of those real silver Rolls Royces. I can't wait to buy a electric powered car !
stevencr All-Star Author Ohio Posts:732 Points:458,305 Joined:Mar 2009	Message Posted: Jul 5, 2009 3:04:13 PM Ignore stevencr Report Abuse It should be at half that. $30 a barrel seems extremely fair to me.
takethe_point Champion Author Omaha Posts:1,161 Points:68,505 Joined:Apr 2008	Message Posted: Jul 5, 2009 3:00:07 PM Ignore takethe_point Report Abuse Greed
DeHavilland Champion Author Toronto Posts:3,214 Points:1,001,695 Joined:Jun 2007	Message Posted: Jul 5, 2009 2:59:57 PM Ignore DeHavilland Report Abuse No good turn goes unpunished, milespergallon!
bigmacatac Champion Author St. Louis Posts:2,995 Points:628,100 Joined:Oct 2008	Message Posted: Jul 5, 2009 2:57:11 PM Ignore bigmacatac Report Abuse Pure Greed
Jizme Champion Author Lincoln Posts:4,903 Points:1,926,140 Joined:Oct 2004	Message Posted: Jul 5, 2009 2:57:05 PM Ignore Jizme Report Abuse I just wish the prices would go down.
adapal Veteran Author Reading Posts:481 Points:222,340 Joined:Dec 2008	Message Posted: Jul 5, 2009 2:56:29 PM Ignore adapal Report Abuse You gotta love it when you can control the price of your product. Where are the anti-price fixing laws for the world. hahaha.
915Chief Champion Author San Diego Posts:3,620 Points:710,825 Joined:Aug 2008	Message Posted: Jul 5, 2009 2:56:26 PM Ignore 915Chief Report Abuse And yet they did nothing when oil was over 140/barrel...
fairchildd Champion Author Kansas City Posts:4,033 Points:975,265 Joined:Aug 2007	Message Posted: Jul 5, 2009 2:54:31 PM Ignore fairchildd Report Abuse and we want it to stay below $60 - so it's a tie
milespergallon Champion Author Illinois Posts:4,973 Points:1,046,195 Joined:Feb 2007	Message Posted: Jul 5, 2009 2:53:11 PM Ignore milespergallon Report Abuse I have the same idea about them as I did for iraq: We saved them from complete annihilation. Have they repaid us for what WE did for them? Without our quick intervention they would no longer be, anything! [Edited by: milespergallon at 7/5/2009 2:58:43 PM EST]
ThatHunt Champion Author Dallas Posts:2,585 Points:1,221,730 Joined:Jul 2006	Message Posted: Jul 5, 2009 2:53:05 PM Ignore ThatHunt Report Abuse Of course they would like to see price stay above $60!!
hank1326 Champion Author Los Angeles Posts:4,079 Points:767,250 Joined:Jun 2008	Message Posted: Jul 5, 2009 2:48:40 PM Ignore hank1326 Report Abuse Ditto to BluestarAZ. Kuwait should show appreciation for our good deeds.
kyrunner Champion Author Lexington Posts:3,906 Points:720,735 Joined:Aug 2008	Message Posted: Jul 5, 2009 2:48:36 PM Ignore kyrunner Report Abuse Being the US saved their asses in early 1990 when Iraq tried to take them over they should be giving the US a HUGE discount on every barrel we buy as a thank you for saving them. But no, they are too much like some of our citizens who don't see how nationalization is very bad for everyone.
WVPhoenix Champion Author Charleston Posts:6,624 Points:1,015,960 Joined:Jan 2006	Message Posted: Jul 5, 2009 2:46:08 PM Ignore WVPhoenix Report Abuse When oh when will we get out of there.
Speedy1W1 All-Star Author Madison Posts:578 Points:150,740 Joined:Mar 2009	Message Posted: Jul 5, 2009 2:44:49 PM Ignore Speedy1W1 Report Abuse I want a six figure number in my checking account too, but I think it could be a long time in coming.
JohnJ55 Champion Author Dayton Posts:2,016 Points:959,920 Joined:Jul 2007	Message Posted: Jul 5, 2009 2:40:33 PM Ignore JohnJ55 Report Abuse and i want to be 20 years younger
dondee118 Champion Author Kansas City Posts:3,983 Points:741,215 Joined:Aug 2008	Message Posted: Jul 5, 2009 2:38:37 PM Ignore dondee118 Report Abuse Of course, they do. But if the demand market doesn't support it, then it won't.
Bussman Champion Author Dallas Posts:1,700 Points:518,490 Joined:Nov 2008	Message Posted: Jul 5, 2009 2:38:08 PM Ignore Bussman Report Abuse Since it has cost the U.S. taxpayers billions of dollars and thousands of lives to prop up the Kuwaiti government (remember the reason we invaded Iraq in the first Gulf war and the mess we had to clean up with the second Gulf war)you'd think the Kuwaiti's would subsidize U.S. pump prices.
krell58 Champion Author Missouri Posts:5,792 Points:1,143,705 Joined:Apr 2006	Message Posted: Jul 5, 2009 2:37:21 PM Ignore krell58 Report Abuse Too bad.
mckellyb Champion Author Fort Worth Posts:7,135 Points:1,283,330 Joined:Sep 2005	Message Posted: Jul 5, 2009 2:33:55 PM Ignore mckellyb Report Abuse They really want prices to stay above $150/bbl, if it doesn't bankrupt their largest buyers. It's quite simple, actually. If prices drop, supply drops, thereby increasing prices. You've gotta love a monopoly. Sure, it's not one country, or one specific group, OPEC, I'm looking at YOU, but it is the only current viable source of energy for transportation and many other things. Now, if this energy source were coal...the US would be rolling in cash, because we're the Saudi Arabia of coal.
Fitwit Champion Author Stockton Posts:2,068 Points:449,115 Joined:May 2009	Message Posted: Jul 5, 2009 2:30:23 PM Ignore Fitwit Report Abuse Sounds as if we are not talking at all about availability but about politics.
kidrockTX Champion Author Fort Worth Posts:3,854 Points:507,845 Joined:Sep 2008	Message Posted: Jul 5, 2009 2:27:10 PM Ignore kidrockTX Report Abuse their wants will be okey. i want to have money but i do not
eagleeye2008 Champion Author Wisconsin Posts:3,992 Points:757,240 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:373 Points:116,665 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 Champion Author Albany Posts:1,143 Points:550,800 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:1,276 Points:140,350 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?