Business | Oil & Gas
Kuwait says oil will stay at $100
Oil was unlikely to fall below $100 per barrel as strong demand from emerging economies such as China and India put a floor under prices, a member of Kuwait's top oil council said in remarks published on Sunday.
- Reuters
- Published: 23:35 August 3, 2008
Kuwait City: Oil was unlikely to fall below $100 per barrel as strong demand from emerging economies such as China and India put a floor under prices, a member of Kuwait's top oil council said in remarks published on Sunday.
"I don't think that prices will return to the record level, nor will they fall below $100 per barrel," Khalid Boodai told the Al Seyassah newspaper.
"I think that the price... will stabilise," said Boodai, a member of the Supreme Petroleum Council.
The official reiterated that Kuwait's proven oil reserves stood at 100 billion barrels. The size of the reserves has been debated since Petroleum Intelligence Weekly reported in 2006 that reserves were just 48 billion barrels - about half what was officially stated.
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