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To: John Paquet who wrote (41537)	9/29/1999 5:21:00 PM
From: goldsnow	Read Replies (1) \| Respond to of 116764

Kuwaiti minister wants oil price at $25-28 a barrel 02:06 p.m Sep 29, 1999 Eastern KUWAIT, Sept 29 (Reuters) - The Kuwaiti oil minister said on Wednesday his country wanted to see oil prices rise to between $25 and $28 a barrel and that this was attainable given the state of the oil market and the economic climate. The official Kuwaiti news agency KUNA also quoted Sheikh Saud Nasser al-Sabah as telling businessmen at a meeting in Paris, which was also attended by Kuwaiti and French oil officials, that the current oil price of around $24 a barrel for Brent crude did not reflect the year's average, which is approaching $16 a barrel. ``We in Kuwait are convinced that the logical likely price for oil, taking into consideration Brent as an indicator...must be between $25 and $28 a barrel. This is taking into consideration the needs of producers within OPEC and from outside,' KUNA quoted Sheikh Sabah as saying. ``It is logical that oil prices would rise to between $25-28 a barrel, given the current economic climate and the condition of the world oil market,' he said. Oil prices, which slumped to a 12-year-low last year due to oversupply, have rebound since an agreement by OPEC producers in March to cut nearly two million barrels from the market. By 1750 GMT on Wednesday, benchmark Brent crude was trading 33 cents up on the day at $24.09 a barrel after breaking through technical resistance to hit a 33-month high of $24.30. Sheikh Sabah said oil producers must try to bring down the huge stockpiles, which had accumulated last year when oil prices collapsed, to their normal level which existed in 1997. He reiterated Kuwait's opposition to any increase in oil production and said the production cut agreed upon in March may stay even beyond its expiration date next March. He said his objective was to achieve price stability. Copyright 1999 Reuters Limited.