Kuwait Happy With Oil Prices, Doesn't Want Rise

By: Associated Press Email
By: Associated Press Email

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July 22, 2009

Kuwait's oil minister says the current oil price around $65 a barrel is "reasonable" and good for his country.

The Kuwait News Agency quotes Sheik Ahmed Al Abdullah Al Sabah as saying Wednesday that any "unjustified" hike in prices could worsen the global economic crisis and lower demand on this vital commodity.

Oil is the backbone of the economy of this OPEC member and major ally of Washington.

Sheik Ahmed said prices will rise because of optimism in the world economy and the advent of fall.

Prices have staged a modest rebound following OPEC decisions to cut production by 4.2 million barrels from September levels.

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