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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: ChanceIs who wrote (59611)2/2/2000 3:44:00 PM
From: Tomas  Read Replies (2) of 95453
 
Kuwait Wants Oil Prices to Stay Above $25 This Year
By Sean Evers

Kuwait, Feb. 2 (Bloomberg) -- Kuwait, OPEC's strongest
advocate for extending self-imposed oil output cuts after they
expire next month, wants prices to remain above $25 a barrel for
the remainder of the year, the country's oil minister said.
...
Kuwait's Sheikh Saud Nasser al Sabah said he would like the
``average price in 2000 at the same level' as current prices,
even though the U.S., the world's largest oil consumer, considers
it too high.

The Organization of Petroleum Exporting Countries, whose
revenue soared about 40 percent to $160 billion last year, appears
to have raised its target price for crude oil after achieving its
earlier objective of an $18-$20 range for a barrel of Brent crude.
Gulf Arab oil ministers will meet in Saudi Arabia on Feb. 23 to
discuss output policy ahead of OPEC's summit next month.

OPEC must be careful not to become too greedy and repeat the
mistake it made two years ago, analysts said.
``At current prices OPEC risks losing market share to non-
OPEC producers with higher production costs,' said Mohammed
Abduljabbar, a senior adviser with Washington-based Petroleum
Finance Company. ``Inflation in consuming states could also drive
down demand for oil in the medium-term,' he said.
...

quote.bloomberg.com
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