Kuwait: more than 100 USD in oil prices will harm the global economy

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

Putin signed July 1 to raise oil export tax from the

June 29 Moscow News, the Russian government in its official website today said that the international oil market as a result of rising crude oil prices, Russia's oil export tax from July 1 onwards from the current 152.8 U.S. dollars per ton to 212.6 per tonne dollars.

June 26, Russian Prime Minister Vladimir Putin signed the relevant from the starting July 1 to increase exports of petroleum and petroleum tax laws.

From July 1, the light of Russia's export duty on petroleum products from the current level of 115.2 U.S. dollars per tonne to 155.5 U.S. dollars, and heavy oil products export tax from the current level of 62.1 U.S. dollars per ton to 83.8 U.S. dollars.

In order to market more quickly respond to changes in the Russian government last year to amend the first time every two months ago crude oil and petroleum products export tax modification changed once every month. Russian oil exports to amend the Government to increase the number of tax is to reduce the national oil companies to export oil when oil prices will face losses.

As the global financial crisis curbed oil demand, oil prices in July last year from 147.27 U.S. dollars per barrel record high down to the start of the year about 40 U.S. dollars per barrel.

Oil prices in the past period of time to re-climbed to more than 70 U.S. dollars a barrel level.

Source: www.in-en.com Jun. 30, 2009