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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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stugha Champion Author Massachusetts Posts:2,174 Points:267,465 Joined:Sep 2006	Message Posted: Jul 7, 2009 6:55:12 AM Ignore stugha Report Abuse Didn't we just spend billions saving Kuwait.
Martinman Champion Author Mississippi Posts:11,756 Points:1,658,215 Joined:Sep 2005	Message Posted: Jul 7, 2009 6:46:37 AM Ignore Martinman Report Abuse As a former military pilot, I fully understand. And I also understand there is a difference between patriotism, and biggotry. If every person came into YOUR store each day, with this "if you ain't American, you ain't sh--" attitude toward you, how long would it be before you copped an attitude? All of five minutes? Maybe? Personally, the most ungrateful people I've ever met are Americans (okay, Italians rank up there). I have been to many places while in the military, and no where but here do people blatantly act like the world owes them everything. That said, what are the Iraq's to be greatful for? For killing a dictator some didn't like? For bombing some portions of their country back to the stone-age? For killing hundreds of thousands of innocent civilians in the process of cleaning-up the mess they didn't create? For bringing Al Qeada into their country? I could go on... While Saddam may have not been the "golden boy" of dictators, we've supported much worse when it was in our benefit to do so (e.g. Shaw of Iran), and ousted the few we have when it wasn't. As symbolic as "freeing" Iraq may have seemed, it's the reason behind why it was done that is mocked. As bad as he may have been, how many car-bomb explosions were there prior to Saddam's removal? How much outright deliberate killing were there between the three ethic groups in Iraq? None and none. And again, I could go on. And despite the widespread approval within the military for driving Saddam from Kuwait, I can tell you there was far from widespread approval within the military for the 2001 invasion of Iraq. Oh, and the world is STILL waiting for this purported "restoration" of Iraq. How ironic it must seem, when the prople of Iran feel more empowered to exercise their perceived "freedom of assembly and expression" over their recent election, than the Iraqi's do themselves after being "restored".
traindude Champion Author Virginia Beach Posts:5,614 Points:1,245,330 Joined:Jun 2007	Message Posted: Jul 5, 2009 10:14:18 PM Ignore traindude Report Abuse doubt they'll still to their guns or lose thier quota of barrels
Woodbankgasguy Champion Author Alabama Posts:2,309 Points:121,960 Joined:Nov 2008	Message Posted: Jul 5, 2009 10:02:42 PM Ignore Woodbankgasguy Report Abuse OKRifle in Oklahoma City, spewing over here too.
ruc2827 Veteran Author Illinois Posts:359 Points:564,485 Joined:May 2004	Message Posted: Jul 5, 2009 9:24:11 PM Ignore ruc2827 Report Abuse Can we just stop following what OPEC says. OPEC has no real control on supply as member nations always cheat on output limits.
CumminsFanOH Champion Author Columbus Posts:1,670 Points:827,990 Joined:Jan 2009	Message Posted: Jul 5, 2009 9:16:33 PM Ignore CumminsFanOH Report Abuse Just keep the money flowing. That's their outlook.
skybiker Champion Author South Carolina Posts:5,481 Points:1,132,240 Joined:Jul 2008	Message Posted: Jul 5, 2009 8:52:55 PM Ignore skybiker Report Abuse Lets sell them Corn at $60 a bushel...........
OKRifle Champion Author Oklahoma City Posts:7,595 Points:1,351,855 Joined:Oct 2007	Message Posted: Jul 5, 2009 8:29:13 PM Ignore OKRifle Report Abuse LetemEatCake.....No. I'm not feeling bigoted this evening! Are you relishing as a flaming liberal this evening...feeling so righteous and thinking the big bigoted name calling will silence me? Typical LIBERAL APPROACH! DUDE! And Kuwait's desire for $60/barrel Oil is fine with me (on subject), I just expect them to remember which country and which military restored them as a country. But, you would not understand that. Flamers never appreciate who fought to give them the option to speak their lofty minds and espouse their lofty ideals...and they NEVER realize their lofty ideals don't work. But they feel good about themselves...because they are pure....and they care!
LetemEatCake Champion Author Oklahoma City Posts:2,987 Points:766,760 Joined:Mar 2008	Message Posted: Jul 5, 2009 7:36:13 PM Ignore LetemEatCake Report Abuse OKRifle... Are we feeling a little bigoted this evening? Your comment about convenience stores is totally uncalled for...take it somewhere else! You are not even on topic of Kuwait desire for $60/barrel Oil. Sounds pretty reasonable to me dude, since at that price, pump prices would go down even further! Its not like you are being raped at the pump either...prices in the metro area are down significantly in the $2.10/gal. range.
OKRifle Champion Author Oklahoma City Posts:7,595 Points:1,351,855 Joined:Oct 2007	Message Posted: Jul 5, 2009 7:06:28 PM Ignore OKRifle Report Abuse SpruceGuse2 said: "Now when are they going to pay us back for saving their oil fields from their enemy?" I say, when are they going to pay us back for saving their rear end (Country) from their enemy? All Middle Easterners are the most ungreatful you-know-whats, on this earth! Visit your local convenience store if you don't believe me! Even Vice Czar Joe Biden made an appropriate comment in that regard!
rjoeh Champion Author Michigan Posts:5,740 Points:2,058,465 Joined:Jun 2004	Message Posted: Jul 5, 2009 6:58:40 PM Ignore rjoeh Report Abuse I agree with the last commentator... time for Kuwait to repay America for helping save their oil fields for them.
PokerAce Champion Author Baton Rouge Posts:7,480 Points:1,454,805 Joined:Jan 2008	Message Posted: Jul 5, 2009 6:58:38 PM Ignore PokerAce Report Abuse spit in one hand and want in the other and see which one fills up first ....
misterray Champion Author Oregon Posts:2,820 Points:656,685 Joined:Aug 2008	Message Posted: Jul 5, 2009 6:58:01 PM Ignore misterray Report Abuse Hey, business is business isn't it?
SpruceGuse2 Champion Author Michigan Posts:7,437 Points:1,998,630 Joined:Mar 2006	Message Posted: Jul 5, 2009 6:56:16 PM Ignore SpruceGuse2 Report Abuse Now when are they going to pay us back for saving their oil fields from their enemy?
southjerseyal Champion Author New Jersey Posts:11,463 Points:1,511,040 Joined:Mar 2005	Message Posted: Jul 5, 2009 6:48:47 PM Ignore southjerseyal Report Abuse Yeah, after we help them out to save their country and freedom...
KerryDeland Champion Author Florida Posts:2,334 Points:455,490 Joined:Jun 2008	Message Posted: Jul 5, 2009 6:48:10 PM Ignore KerryDeland Report Abuse I'm not quite sure what to think of this article. It is interesting though !!!
OilBGone Champion Author New Jersey Posts:6,545 Points:1,249,750 Joined:Jul 2008	Message Posted: Jul 5, 2009 6:47:13 PM Ignore OilBGone Report Abuse Sheikh al-Money Bags of-Many Names wants lots of cash for his oil. Next story please.
cjs1 Veteran Author Twin Cities Posts:266 Points:1,451,130 Joined:Apr 2005	Message Posted: Jul 5, 2009 6:43:15 PM Ignore cjs1 Report Abuse The solution continues to be: become energy independent!
Mr.Dirt Champion Author Albany Posts:6,762 Points:2,165,435 Joined:Mar 2004	Message Posted: Jul 5, 2009 6:37:44 PM Ignore Mr.Dirt Report Abuse if i had oil i would also like the price to stay high
Blackice Champion Author Twin Cities Posts:4,014 Points:1,030,325 Joined:Oct 2003	Message Posted: Jul 5, 2009 6:35:51 PM Ignore Blackice Report Abuse $60 a barrel and $2.25 a gallon for gas seems fair to me.
Blackmoor2000 Sophomore Author Vancouver Posts:177 Points:61,870 Joined:Jul 2006	Message Posted: Jul 5, 2009 6:35:51 PM Ignore Blackmoor2000 Report Abuse Pretty ungrateful bunch ................
alterman156 Champion Author New York Posts:5,085 Points:1,090,000 Joined:Dec 2008	Message Posted: Jul 5, 2009 6:33:51 PM Ignore alterman156 Report Abuse While $60 per barrel isn't unduly high for crude, how long can it be sustained with reduced worldwide demand for oil.
tc316 Champion Author Twin Cities Posts:7,735 Points:1,270,905 Joined:Apr 2007	Message Posted: Jul 5, 2009 6:23:09 PM Ignore tc316 Report Abuse You think
fcdriver Champion Author Tennessee Posts:5,198 Points:1,065,800 Joined:Sep 2008	Message Posted: Jul 5, 2009 6:13:58 PM Ignore fcdriver Report Abuse keep conserving
Dale Jr. Champion Author Illinois Posts:13,868 Points:2,770,050 Joined:May 2004	Message Posted: Jul 5, 2009 6:13:53 PM Ignore Dale Jr. Report Abuse No can do.
pkhdonovan Champion Author Maine Posts:9,635 Points:2,237,970 Joined:Sep 2005	Message Posted: Jul 5, 2009 6:10:52 PM Ignore pkhdonovan Report Abuse They need to pay us back for bailing them out against Iraq.
RedRam2005 Champion Author San Antonio Posts:5,696 Points:1,057,210 Joined:Dec 2007	Message Posted: Jul 5, 2009 6:05:27 PM Ignore RedRam2005 Report Abuse I want Kuwait to pay the full cost of the war, but I won't get that either.
Yonkers111 Champion Author Scranton Posts:7,437 Points:720,240 Joined:Apr 2007	Message Posted: Jul 5, 2009 6:02:09 PM Ignore Yonkers111 Report Abuse That's where they are now.
snell snail Champion Author Atlanta Posts:3,350 Points:2,159,130 Joined:Feb 2004	Message Posted: Jul 5, 2009 6:02:00 PM Ignore snell snail Report Abuse ...any price under $100 a barrel should be expected....
jwduke1 Champion Author Iowa Posts:13,850 Points:2,722,690 Joined:Apr 2004	Message Posted: Jul 5, 2009 5:36:58 PM Ignore jwduke1 Report Abuse They can want in one hand & $hit in the other........
Beau2140 Champion Author New York Posts:5,936 Points:1,190,260 Joined:Oct 2008	Message Posted: Jul 5, 2009 5:36:57 PM Ignore Beau2140 Report Abuse Too bad Kuwait.
Lawndawg Sophomore Author Sacramento Posts:105 Points:146,115 Joined:Jun 2009	Message Posted: Jul 5, 2009 5:35:55 PM Ignore Lawndawg Report Abuse Its one thing to want and another to get...
mdegug Champion Author Rochester Posts:1,068 Points:414,260 Joined:Jul 2008	Message Posted: Jul 5, 2009 5:35:36 PM Ignore mdegug Report Abuse Tell Kuwait to kiss forget it
kbierley Champion Author Dayton Posts:9,931 Points:1,270,610 Joined:Nov 2003	Message Posted: Jul 5, 2009 5:34:05 PM Ignore kbierley Report Abuse Isn't that nice for them? How about drill for more American Oil, NOW!
gg42210 Champion Author Kentucky Posts:1,899 Points:332,970 Joined:Aug 2008	Message Posted: Jul 5, 2009 5:30:52 PM Ignore gg42210 Report Abuse this is what we get for helping them.
AJKPA Champion Author Pennsylvania Posts:36,160 Points:1,095,905 Joined:Oct 2008	Message Posted: Jul 5, 2009 5:27:43 PM Ignore AJKPA Report Abuse really
goodbuy Champion Author Michigan Posts:5,509 Points:991,935 Joined:May 2005	Message Posted: Jul 5, 2009 5:25:27 PM Ignore goodbuy Report Abuse I believe I could live with that. Be nice if the world would agree to a $60.00 a barrel price instead of all this up and down business. That way we could all plan. Lock it in for two years.
leeso1 Champion Author San Diego Posts:5,150 Points:912,130 Joined:May 2009	Message Posted: Jul 5, 2009 5:25:13 PM Ignore leeso1 Report Abuse where's their gratitude?
K1500 Champion Author Birmingham Posts:1,055 Points:187,170 Joined:May 2008	Message Posted: Jul 5, 2009 5:24:44 PM Ignore K1500 Report Abuse Greedy, greedy...
NightDiver Champion Author Illinois Posts:2,260 Points:789,805 Joined:Mar 2007	Message Posted: Jul 5, 2009 5:23:27 PM Ignore NightDiver Report Abuse Of course the Kuwait Goveronment wants the price aboe $60. They make bigger profits the higher it gets. I wonder what the Kuwait people want the price to be that they have to pay for those that can afford a car.
macbeth2012 Champion Author Wisconsin Posts:2,188 Points:445,035 Joined:Jan 2009	Message Posted: Jul 5, 2009 5:21:54 PM Ignore macbeth2012 Report Abuse And I want Santa Claus to bring me a new car. FAT CHANCE
Dragnet Champion Author Arizona Posts:12,743 Points:2,450,555 Joined:Jul 2004	Message Posted: Jul 5, 2009 5:19:49 PM Ignore Dragnet Report Abuse We ought to let a Hussein have power over them. How soon they forget what we did to liberate them. Typical attitude towards America. Now lets see, how much do they owe us?
korklenut All-Star Author Tacoma Posts:755 Points:153,655 Joined:Mar 2009	Message Posted: Jul 5, 2009 5:17:43 PM Ignore korklenut Report Abuse Lets hope the price falls to $40 a barrel and tthen watch them cry. Will they decrease production when they need the cash?
MINER Champion Author Pittsburgh Posts:8,960 Points:2,585,815 Joined:Jul 2002	Message Posted: Jul 5, 2009 5:13:54 PM Ignore MINER Report Abuse I'd lke to see gas ome where around $1.50, that seems a fair price to me. Just because they have all that construction going on over there doesnt mean we should have to pay thru the nose for it..
rxman1 Champion Author Toledo Posts:6,996 Points:1,396,195 Joined:Nov 2007	Message Posted: Jul 5, 2009 5:13:47 PM Ignore rxman1 Report Abuse Let us hope that OPEC starts fighting among themselves.
Bonanza Champion Author Boston Posts:9,288 Points:2,084,980 Joined:Jun 2004	Message Posted: Jul 5, 2009 5:12:55 PM Ignore Bonanza Report Abuse Prices will start falling this week since the July 4th Holiday will be over.
harleydoctor Champion Author Kansas Posts:4,970 Points:1,461,610 Joined:Sep 2005	Message Posted: Jul 5, 2009 5:09:31 PM Ignore harleydoctor Report Abuse I want my gas below $2.00, who do you think is gonna win????????
mandoid Champion Author Colorado Springs Posts:5,042 Points:1,084,155 Joined:May 2008	Message Posted: Jul 5, 2009 5:05:20 PM Ignore mandoid Report Abuse they'll get what they want.
spudly03 Champion Author Boise Posts:1,140 Points:276,740 Joined:Sep 2007	Message Posted: Jul 5, 2009 5:04:01 PM Ignore spudly03 Report Abuse Why does OPEC meet, they all do what they want anyway.
butterflyXB Rookie Author California Posts:45 Points:265,575 Joined:Jul 2008	Message Posted: Jul 5, 2009 4:59:35 PM Ignore butterflyXB Report Abuse Sure they do!!!!!!!!!!!!