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Kuwait: Over $100 oil price may hurt economic recovery

26 Apr 2010

(MENAFN) Kuwait’s Oil Minister, Sheikh Ahmad Al-Abdullah Al-Sabah, said that oil prices above $100 a barrel would hurt the pace of the global economic recovery, Reuters reported.

The minister said that oil price is doing well below the $100 a barrel mark, settling at just over $85 a barrel. Current oil prices were acceptable to both producers and consumers, Al-Sabah said.

The oil market was oversupplied, he said, but Kuwait had seen a sudden unexpected hike in demand from Asia that was absorbing some of the surplus. Al-Sabah said that the country is expected to see rising demand but at lower pace.

The minister’s remarks came in response to a proposal that the Opec should boost supply in order to prevent a rally in oil prices above $100 from hurting the global economic recovery.

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