Kuwait’s Oil Minister Expects $100 Oil Price

[Doc31]

My friend XXXGator had some difficulty posting this and asked me if I would post it for DV members

Doc31

Last Update: December 27, 2010 01:04 ET

Kuwait’s Oil Minister Expects $100 Oil Price

Kuwait’s Oil Minister says, The Global economy can withstand an Crude Oil price

The Global economy can withstand an Crude Oil price of US$100 bbl, Kuwait’s oil minister said Saturday, as other exporters indicated OPEC may decide against increasing output through Y 2011 as the market was well supplied.

Analysts said Crude Oil producing countries are likely to raise output after Crude rallied more than 30% from a low in May because they fear prices could damage economic growth in fuel importing countries.

European benchmark ICE Brent Crude for Feb delivery closed at 93.46 bbl Friday after hitting 94.74 bbl, its highest mark since October 2008.

The Arab Oil exporters meeting in Cairo on the weekend said they saw no need to supply more Crude as stocks were high and prices had been inflated temporarily by cold weather in Europe.

Iraq’s new Oil Minister and the Head of Libya’s National Oil Corporation both said that 100 bbl is a fair price, and Qatar’s Minister Abdullah al-Attiyah said he did not expect OPEC to increase production in Y 2011. “I do not expect an OPEC meeting before June because Oil prices are stable,” he said.—Paul A. Ebeling, Jnr.

http://www.livetradingnews.com/kuwaits-oil-minister-exects-100-oil-price-30614.htm

[razorguy11]

Thanks for the post!

[Rogue Knight]

My friend XXXGator had some difficulty posting this and asked me if I would post it for DV members

Doc31

Last Update: December 27, 2010 01:04 ET

Kuwait’s Oil Minister Expects $100 Oil Price

Kuwait’s Oil Minister says, The Global economy can withstand an Crude Oil price

The Global economy can withstand an Crude Oil price of US$100 bbl, Kuwait’s oil minister said Saturday, as other exporters indicated OPEC may decide against increasing output through Y 2011 as the market was well supplied.

Analysts said Crude Oil producing countries are likely to raise output after Crude rallied more than 30% from a low in May because they fear prices could damage economic growth in fuel importing countries.

European benchmark ICE Brent Crude for Feb delivery closed at 93.46 bbl Friday after hitting 94.74 bbl, its highest mark since October 2008.

The Arab Oil exporters meeting in Cairo on the weekend said they saw no need to supply more Crude as stocks were high and prices had been inflated temporarily by cold weather in Europe.

Iraq’s new Oil Minister and the Head of Libya’s National Oil Corporation both said that 100 bbl is a fair price, and Qatar’s Minister Abdullah al-Attiyah said he did not expect OPEC to increase production in Y 2011. “I do not expect an OPEC meeting before June because Oil prices are stable,” he said.—Paul A. Ebeling, Jnr.

http://www.livetradingnews.com/kuwaits-oil-minister-exects-100-oil-price-30614.htm

Wow, half the world's enconomies are past broke. Including the United States where gasoline is back over $3.10 a gallon. But kuwait seems to think the world can withstand $100 a barrel? I wonder if that's because their dinar is worth $3.62?(Haven't checked forex on this today).

[michelneedsRV]

Wow, half the world's enconomies are past broke. Including the United States where gasoline is back over $3.10 a gallon. But kuwait seems to think the world can withstand $100 a barrel? I wonder if that's because their dinar is worth $3.62?(Haven't checked forex on this today).

Maybe ur right!!

[Doc31]

Wow, half the world's enconomies are past broke. Including the United States where gasoline is back over $3.10 a gallon. But kuwait seems to think the world can withstand $100 a barrel? I wonder if that's because their dinar is worth $3.62?(Haven't checked forex on this today).

The problem for us is that Americans previously balked at $4/gallon gas ... businesses shut down, people quit going places, and refused to buy. Bush jumped in and opened reserves, etc.

My question is ... will America balk again? Would the O administration move quickly, slowly, or at all?

My intent was not to be partisan, but to perhaps foster discussion.

Peace

Doc31

[tevye02]

Only a thought but it seems to be a slippery slope for the investment. I agree that $100 barrels are good for RV value. However, gas @$4.00 could (and has) dropped demand for oil somewhat which would be bad.

I think we will always have an appetite for the stuff, it is how much that could be at issue. Reduced demand, under any economic model would lower the price and here we go again. Timing of RV and "Cash in" could be real important.

Not much concrete info but something to ponder.

[Soldiering4U]

My question is ... will America balk again? Would the O administration move quickly, slowly, or at all?

Well Doc, If you will remember when the gas climbed to over $4 a gal. the candidate O at the time proposed that we put a floor (not a cap) on the price of gas and that was at the current level because he believed we should be driving more eco friendly vehicles. I don't have a problem with eco cars but we don't have an economy that can support that type of stress right now... think about all of those businesses who deliver... your favorite Chinese delivery place, Pizza, Fed Ex, UPS, small business and big business can't support this right now, even the military would be hurt by this. So no, I don't think he or his administration would help out in this regard I think this is kind of playing right into his hands for more legislation against the already struggling car companies and further devastation of our fragile economy.

and another reason I think he will not "Spring" into action... http://hotair.com/archives/2008/06/11/obama-id-like-higher-gas-prices-just-not-so-quickly/

[Doc31]

Well Doc, If you will remember when the gas climbed to over $4 a gal. the candidate O at the time proposed that we put a floor (not a cap) on the price of gas and that was at the current level because he believed we should be driving more eco friendly vehicles. I don't have a problem with eco cars but we don't have an economy that can support that type of stress right now... think about all of those businesses who deliver... your favorite Chinese delivery place, Pizza, Fed Ex, UPS, small business and big business can't support this right now, even the military would be hurt by this. So no, I don't think he or his administration would help out in this regard I think this is kind of playing right into his hands for more legislation against the already struggling car companies and further devastation of our fragile economy.

and another reason I think he will not "Spring" into action... http://hotair.com/ar...not-so-quickly/

That sound you hear is me NOT arguing with you ... lol

[Chip Chandler]

Thanks Doc31

As I recall from earlier this year, the IMF expected Iraq to be completely debt free by 2012 with oil projected at that time to reach $80 per barrell in 2011. I believe we saw $80 in the third qtr of 2010. This talk of $100 may be a strain on our economy but a good sign for our investment. Personally I have not bought fuel oil in 3 years. The wood stove may not provide even heat throughout the house but I used to buy an average of 800 gallons each winter. I do drive 400+ miles a week delivering pizza (but they pay me for it) If American appetites change, so will I.

We cannot change this world but we try our best to invest where we can protect our little families.