July 2nd news of Kuwait, Kuwait Oil Minister Sheikh Ahmad Abdullah Al-Sabah said here today that more than 100 U.S. dollars a barrel oil prices will seriously harm the global economy.
Oil prices today (July 2) in the New York Mercantile Exchange trading fell to 69 U.S. dollars a barrel, oil prices in the June 30 had reached the last 8 months to the highest level for more than 73 U.S. dollars a barrel. On the global economic recovery in oil prices led to optimism in Q2 of this year rose more than 40% the proportion of this increase is the highest since 1990, the proportion of the quarterly increase.
Al-Sabah is in the Parliament of the media made these remarks. He said that oil prices at the 3rd quarter and 4th quarter is expected to not more than 100 U.S. dollars, more than 100 U.S. dollars in oil prices will again fall into the plight of the global economy.
Al-Sabah said that oil prices have reached the Petroleum Exporting Countries (OPEC) in the second half of this year to seek to achieve the level of speculation in oil prices and a weaker U.S. dollar is behind the recent rise of the main factors.
Al-Sabah has repeatedly stressed that if the oil market is still over-supply, then OPEC meeting in September will not consider increasing oil production.
Source: www.in-en.com Jul. 4, 2009
