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Oil price range of $75 to $90 is fine says Kuwait Minister
Published on April 22, 2010 by oilprices · No CommentsKuwait Oil Minister Sheikh Ahmad Abdullah Al-Sabah yesterday said the current oil price range is “good” and that he expected crude oil prices to remain within the $75 to $90 a barrel range.
“The oil price is good … I think it will remain in the range of 75 to 90 dollars a barrel,” Sheikh Ahmad told reporters after opening a symposium on transparency in oil industries.
The minister however warned against speculation and volatility in crude prices. “We hope the increase in the oil price will remain within a reasonable range and that there won’t be spikes like before,” he said.
“Hopefully, speculation will no longer play (a role) in the price of oil,” he said when asked about the impact of fraud charges against Goldman Sachs.
Oil prices declined Monday after the US Securities and Exchange Commission filed a civil suit against the Wall Street financial giant. It accused Goldman Sachs of “defrauding investors by misstating and omitting key facts” about a financial product based on subprime mortgage-backed securities.
Last week, Sheikh Ahmad said that OPEC member countries could step in to alter crude oil production quotas, which remained unchanged since December 2008, if oil prices climb above $100 a barrel.