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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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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?
coke_kid Champion Author Chicago Posts:1,034 Points:255,080 Joined:Nov 2005	Message Posted: Jul 5, 2009 2:15:31 PM Ignore coke_kid Report Abuse i dont trust any people from Opec, they are greedy and mean to the people of the US..
Slyguy1060 Champion Author Michigan Posts:6,509 Points:1,250,275 Joined:Feb 2007	Message Posted: Jul 5, 2009 2:13:37 PM Ignore Slyguy1060 Report Abuse Really?? Hmmm I am shocked! Greed rearing it's ugly head yet again.
phurburger Champion Author Atlanta Posts:2,555 Points:530,670 Joined:Oct 2005	Message Posted: Jul 5, 2009 2:12:16 PM Ignore phurburger Report Abuse Hah!
paulydel Champion Author Delaware Posts:4,203 Points:465,080 Joined:Jan 2008	Message Posted: Jul 5, 2009 2:10:33 PM Ignore paulydel Report Abuse Budgetary target my foot. The translation is they want to keep their profit margins up or get more.
AnObserver Champion Author New Jersey Posts:4,260 Points:1,415,945 Joined:Sep 2005	Message Posted: Jul 5, 2009 2:06:26 PM Ignore AnObserver Report Abuse DUH ... I guess if I were a major producer I'd like the price stay high also
ItisAJeepThing Champion Author Tucson Posts:11,121 Points:1,170,180 Joined:Oct 2006	Message Posted: Jul 5, 2009 2:05:27 PM Ignore ItisAJeepThing Report Abuse Don't expect prices below $50 ever again.
UncleCurt Champion Author Winnipeg Posts:3,571 Points:553,010 Joined:Feb 2009	Message Posted: Jul 5, 2009 2:05:16 PM Ignore UncleCurt Report Abuse BazooQC I agree it is not about budget but profit.
thirstyauto Champion Author Milwaukee Posts:6,119 Points:638,415 Joined:Nov 2008	Message Posted: Jul 5, 2009 2:04:46 PM Ignore thirstyauto Report Abuse It's likely the prices will go where they want them.
Cerberus2k Champion Author Phoenix Posts:1,047 Points:643,315 Joined:Apr 2008	Message Posted: Jul 5, 2009 2:04:38 PM Ignore Cerberus2k Report Abuse oil should be $25
balljars Champion Author Michigan Posts:3,628 Points:720,300 Joined:Aug 2008	Message Posted: Jul 5, 2009 2:03:04 PM Ignore balljars Report Abuse WAY to high about $30 a barrel is right
uglytom Champion Author Florida Posts:3,091 Points:677,165 Joined:Jul 2007	Message Posted: Jul 5, 2009 2:02:23 PM Ignore uglytom Report Abuse The Saudi's will fix that!
BazooQC Champion Author Montreal Posts:4,736 Points:673,455 Joined:Oct 2008	Message Posted: Jul 5, 2009 2:01:59 PM Ignore BazooQC Report Abuse "to meet our budgetary target,” That doesn't mean they are not making money. To me it means they want to maintain a certain level of profit. High profit because they should have been making money at $20 a barrel too.
CLM06 Champion Author Tampa Posts:4,674 Points:1,110,265 Joined:Sep 2006	Message Posted: Jul 5, 2009 2:01:49 PM Ignore CLM06 Report Abuse Of course they do they want to screw the US
Valricoslash Champion Author Tampa Posts:1,758 Points:390,345 Joined:Nov 2008	Message Posted: Jul 5, 2009 1:59:08 PM Ignore Valricoslash Report Abuse And we, the US consumer would like to see the prices of crude drop to abut $30 a barrel. In the end you get what the market will bear. I guess they need that price to pay for all of their goevernment programs that they instituted last year when the price was high. They should try cutting back.
OCCADJ Rookie Author Orange County Posts:2 Points:73,840 Joined:Mar 2009	Message Posted: Jul 5, 2009 1:54:32 PM Ignore OCCADJ Report Abuse We want it below $60 and they want it above $60. Guess who gets the final say in this? We all need to fight them in this by going more renewable. Put up some solar pannels on your house, buy vehicals that use renewables, etc. It's not just conserving any more. It's making it ourselves!
beachbumCA Champion Author Riverside Posts:4,038 Points:762,525 Joined:May 2008	Message Posted: Jul 5, 2009 1:54:22 PM Ignore beachbumCA Report Abuse As we print money out of thin air the price will go UP.
Price_Patrol Champion Author Cincinnati Posts:7,845 Points:1,106,415 Joined:Jun 2007	Message Posted: Jul 5, 2009 1:53:57 PM Ignore Price_Patrol Report Abuse $60.00 is not bad.
fullauto All-Star Author Reading Posts:951 Points:600,130 Joined:Apr 2008	Message Posted: Jul 5, 2009 1:52:59 PM Ignore fullauto Report Abuse holding a basket of energy stocks as part of a diversified p..folio, oil can go past 140$ (to infinity and beyond!)stop being only consumers and griping...get paid as well.
KMAL Champion Author Missouri Posts:3,228 Points:620,885 Joined:Sep 2008	Message Posted: Jul 5, 2009 1:52:27 PM Ignore KMAL Report Abuse Of Course they do.
Ltdc Champion Author Long Island Posts:2,357 Points:718,845 Joined:Jul 2007	Message Posted: Jul 5, 2009 1:45:53 PM Ignore Ltdc Report Abuse I'm surprised it's only $60.
foxups Champion Author Toledo Posts:3,252 Points:645,060 Joined:Feb 2004	Message Posted: Jul 5, 2009 1:42:33 PM Ignore foxups Report Abuse well we want oil to be below 60
FordGuy48 Champion Author Albuquerque Posts:1,216 Points:469,190 Joined:Jul 2005	Message Posted: Jul 5, 2009 1:42:10 PM Ignore FordGuy48 Report Abuse I think we should be getting oil free from Kuwait after the Gulf War!!
dabuzman Champion Author Seattle Posts:3,794 Points:997,875 Joined:Apr 2006	Message Posted: Jul 5, 2009 1:42:03 PM Ignore dabuzman Report Abuse We should have taken then over and not given Kuwait back. They don't appreciate any thing anyone has done for then. So lets charge then for their freedom and with interest and collect ever last dollar.
sgonza98 Champion Author San Antonio Posts:3,502 Points:556,405 Joined:Apr 2004	Message Posted: Jul 5, 2009 1:39:19 PM Ignore sgonza98 Report Abuse Gotta pay for all that modernization.
no_monkey2002 Champion Author Tallahassee Posts:3,764 Points:1,119,210 Joined:Mar 2006	Message Posted: Jul 5, 2009 1:39:11 PM Ignore no_monkey2002 Report Abuse Hogs...Greedy...OPEC..will kill U
buggydeb Champion Author Florida Posts:3,817 Points:718,190 Joined:Jun 2008	Message Posted: Jul 5, 2009 1:36:53 PM Ignore buggydeb Report Abuse Above $60 is ok by me, but not over $70..
skippypa Champion Author Hawaii Posts:3,494 Points:759,165 Joined:Jun 2008	Message Posted: Jul 5, 2009 1:35:07 PM Ignore skippypa Report Abuse Kuwait remember how the US got your country back for you, now you turn your backs on us. You should have giving your oil to us for dirt cheap.
LocalSpyGuy Champion Author Tampa Posts:2,916 Points:609,390 Joined:Nov 2008	Message Posted: Jul 5, 2009 1:34:46 PM Ignore LocalSpyGuy Report Abuse I don't think the consumers are worried about Kuwait's Budgetary target.
Tru2psu2 Champion Author Winston-Salem Posts:6,678 Points:624,155 Joined:Feb 2004	Message Posted: Jul 5, 2009 1:33:23 PM Ignore Tru2psu2 Report Abuse Bite the hand that feeds them!!!
jimgraham Champion Author Akron Posts:5,311 Points:1,003,330 Joined:Oct 2007	Message Posted: Jul 5, 2009 1:33:22 PM Ignore jimgraham Report Abuse Who cares what Kuwait wants - I want oil at $10 or lower and I don't get it - OPEC usually gets what they want till they nearly kill the golden goose.
UTOrangeMan Champion Author Atlanta Posts:3,949 Points:555,250 Joined:Mar 2008	Message Posted: Jul 5, 2009 1:32:22 PM Ignore UTOrangeMan Report Abuse Just like the OPECkers. Save em and this is the thanks we get.
GCL Champion Author San Jose Posts:14,181 Points:1,751,635 Joined:Aug 2003	Message Posted: Jul 5, 2009 1:31:51 PM Ignore GCL Report Abuse You can't continue buying solid gold Roll Royce's if you drop below a certain price...
Tru2psu2 Champion Author Winston-Salem Posts:6,678 Points:624,155 Joined:Feb 2004	Message Posted: Jul 5, 2009 1:29:42 PM Ignore Tru2psu2 Report Abuse That's what we get for rescuing them from Iraq in the 90's!!!!
arvo87 Champion Author New Mexico Posts:2,940 Points:584,615 Joined:Jul 2008	Message Posted: Jul 5, 2009 1:29:21 PM Ignore arvo87 Report Abuse but cutting production reduces income as well
LuckyD43 Champion Author Phoenix Posts:14,364 Points:1,575,910 Joined:Apr 2005	Message Posted: Jul 5, 2009 1:26:43 PM Ignore LuckyD43 Report Abuse This is typical greedy OPEC tactics. The more money they have, the more they want.
kruk Champion Author London Posts:2,843 Points:332,715 Joined:Jan 2007	Message Posted: Jul 5, 2009 1:26:29 PM Ignore kruk Report Abuse Bloomberg is spreading fear so Kuweit can get what they want - Bloomberg and Wall Street speculators are real americans working for arabs interest
baitmn Champion Author New Orleans Posts:3,988 Points:1,125,025 Joined:Sep 2006	Message Posted: Jul 5, 2009 1:24:27 PM Ignore baitmn Report Abuse for sure it is more money in their pockets not ours, just GREED
papou Champion Author Tampa Posts:5,658 Points:932,210 Joined:Jul 2005	Message Posted: Jul 5, 2009 1:23:28 PM Ignore papou Report Abuse they control the prices
clww Champion Author Virginia Beach Posts:26,382 Points:646,060 Joined:Nov 2008	Message Posted: Jul 5, 2009 1:23:08 PM Ignore clww Report Abuse This is super from our "friend" and "ally" nation of Kuwait. I'm so glad I could come over there and risk my life to save your country from Saddam. This is how you repay us? Typical OPEC bs!
I10Express Champion Author San Antonio Posts:3,685 Points:658,345 Joined:Nov 2008	Message Posted: Jul 5, 2009 1:21:22 PM Ignore I10Express Report Abuse Of course they want it over $60 and 60 days ago they were saying it needed to be over $70. Get the commodities crooks our of the mix and maybe we could have some reasonable pricing and stability.
armstrmb Champion Author Houston Posts:5,316 Points:1,108,730 Joined:Jun 2007	Message Posted: Jul 5, 2009 1:17:35 PM Ignore armstrmb Report Abuse Conserve. Let them eat sand.
dollarwatcher Champion Author Wisconsin Posts:2,982 Points:558,775 Joined:Mar 2007	Message Posted: Jul 5, 2009 1:17:00 PM Ignore dollarwatcher Report Abuse Kuwait can take a flying leap. Adjust your expences to match your income.
DTGas Champion Author Ontario Posts:2,126 Points:427,360 Joined:Feb 2008	Message Posted: Jul 5, 2009 1:16:05 PM Ignore DTGas Report Abuse It should read "Americans Wants Oil Prices to Stay below $40 a Barrel"
WP62 Champion Author New Hampshire Posts:2,261 Points:1,109,845 Joined:Sep 2006	Message Posted: Jul 5, 2009 1:15:21 PM Ignore WP62 Report Abuse ..."Kuwait wants to talk with international oil companies to develop all the emirate’s oil fields, according to Sheikh Ahmed. “Of course we need them in Kuwait, all over Kuwait. We need their expertise”..." All they want to do is sit back and rake in the money while getting someone else to do the work.
Rick52 Champion Author Milwaukee Posts:6,260 Points:280,105 Joined:Mar 2005	Message Posted: Jul 5, 2009 1:14:58 PM Ignore Rick52 Report Abuse KUWAIT !!!! You'll get what we give you... NO MORE !!!!!
jb107 Champion Author New Jersey Posts:4,674 Points:1,642,040 Joined:Sep 2005	Message Posted: Jul 5, 2009 1:14:40 PM Ignore jb107 Report Abuse $60 par barrel is not that bad a price if it remains steady
no1doc Champion Author Milwaukee Posts:7,115 Points:805,435 Joined:Oct 2007	Message Posted: Jul 5, 2009 1:12:22 PM Ignore no1doc Report Abuse This is news? Who'd have thought the Kuwaitis want high oil prices?
cheapertvs Champion Author Richmond Posts:5,164 Points:1,761,295 Joined:Jan 2004	Message Posted: Jul 5, 2009 1:11:10 PM Ignore cheapertvs Report Abuse So long as Kuwait supplies the USA with $ 18 per barrel oil to at least 90% of our needs, I am all for $ 60 per barrel oil for the rest of the World.
ccycles All-Star Author Missouri Posts:807 Points:637,570 Joined:Jun 2007	Message Posted: Jul 5, 2009 1:08:26 PM Ignore ccycles Report Abuse "How about KUWAIT paying us back for liberating them" did we even ask if that's what they wanted? I thought we were looking WMDs