Global Arab Network | Kuwait: Oil barrel unlikely to exceed $ 100 in 2011

Translate this article to your language:

GANPublications

e-Publications

Add Site to Favorites

Add Page to Favorites

Make Homepage

Share This Page

RSS Feed

--------------------------------------------------------------------------------------------------------------------
| |

Kuwait: Oil barrel unlikely to exceed $ 100 in 2011

Global Arab Network - - George Haddad

Thursday, 23 December 2010 23:34

KUWAIT - Kuwaiti Minister of Oil and Minister of Information Sheikh Ahmad Al-Abdullah Al-Sabah ruled out on Thursday the possibility of oil prices exceeding the cap of USD 100 pb in 2011.

"The prices have generally moved between USD 70 and 80 pb, which is an acceptable range for both producers and consumers in 2010," Sheikh Ahmad told KUNA here.

He made the remarks ahead of leaving for Cairo to take part in the 85th ministerial meeting of the Organization of Arab Petroleum Exporting Countries (OAPEC).

"Though the prices touched USD 90 pb by the end of 2010, there have been general satisfaction among oil exporters and importers, given the fact that there were no unjustifiable dramatic fluctuations," the minister noted.

"The fair prices of the Organization of Petroleum Exporting Countries (OPEC) basket of 12 crudes encouraged the global cartel to maintain the level of daily output," he said.

During the 158th Extraordinary Meeting of its Conference, held in Quito, capital of Ecuador, on December 11, OPEC reiterated the call for its member state to abide by their respective production quotas, he said, noting that there is a considerable improvement in this regard.

Commenting on the demands of the western countries for the cartel to increase output, Sheikh Ahmad said "if the West seeks to negotiate oil prices, we seek to negotiate the prices of their exports." Regarding the OAPEC ministerial meeting, he said it will discuss a range of internal issues, such as the budget and the audit report, as well as the possible renewal of the term of OAPEC's Secretary General Abbas Al-Naqi.

The term in office of Al-Naqi, of Kuwait, is scheduled to expire in February, 2011.

"Al-Naqi is likely to be reelected chief of the organization on equal footing with his predecessors," the minister predicted.

On the sidelines of the Cairo meeting, names of winners of OAPEC Award for Scientific Research and the Arab Petroleum Training Institute will be announced, he added.

The Kingdom of Bahrain will replace the United Arab Emirates as rotating president of the OAPEC.
(KUNA)

Global Arab Network

Add comment

The opinions of the authors in articles published are theirs alone and do not necessarily reflect the views of Global Arab Network
------------------------------------------------------------------------------
Published comments are the opinions of private individuals and do not reflect the views of Global Arab Network