May 26, 2010 - 12:04AM
AFP
The Organisation of Petroleum Exporting Countries is "not yet" concerned by the decline of oil prices below $US70 a barrel, Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Tuesday.
"Not yet," Sheikh Ahmad told reporters when asked if OPEC was worried. "So what?" he added.
The Kuwaiti minister, whose country is OPEC's fifth-largest producer, said that at present the cartel does not need to hold an emergency meeting to discuss prices.
"We only ask for more compliance" with production quotas, said Sheikh Ahmad.
However, he was hopeful that oil prices would stabilise at between 75 and 85 US dollars a barrel.
Oil prices fell in Asian trade on Tuesday as persistent concerns over the eurozone reversed previous gains, pushing prices below $US70 US a barrel.
New York's main contract, light sweet crude for delivery in July, was down 56 US cents to $US69.65 a barrel, while London's Brent North Sea crude for July shed 72 US cents to $US70.45.
Oil prices have remained highly volatile in the past few weeks after rising to close to $US90 a barrel.
© 2010 AFP
Source: http://news.smh.com.au/breaking-news-business/opec-not-concerned-over-sliding-oil-pric-20100526-wb9v.html
AFP
The Organisation of Petroleum Exporting Countries is "not yet" concerned by the decline of oil prices below $US70 a barrel, Kuwaiti Oil Minister Sheikh Ahmad Abdullah al-Sabah said on Tuesday.
"Not yet," Sheikh Ahmad told reporters when asked if OPEC was worried. "So what?" he added.
The Kuwaiti minister, whose country is OPEC's fifth-largest producer, said that at present the cartel does not need to hold an emergency meeting to discuss prices.
"We only ask for more compliance" with production quotas, said Sheikh Ahmad.
However, he was hopeful that oil prices would stabilise at between 75 and 85 US dollars a barrel.
Oil prices fell in Asian trade on Tuesday as persistent concerns over the eurozone reversed previous gains, pushing prices below $US70 US a barrel.
New York's main contract, light sweet crude for delivery in July, was down 56 US cents to $US69.65 a barrel, while London's Brent North Sea crude for July shed 72 US cents to $US70.45.
Oil prices have remained highly volatile in the past few weeks after rising to close to $US90 a barrel.
© 2010 AFP
Source: http://news.smh.com.au/breaking-news-business/opec-not-concerned-over-sliding-oil-pric-20100526-wb9v.html
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