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Kuwait Official sees Oil at $70-$80 this Year-Paper - ASHARQ AL-AWSAT English Archive
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KUWAIT, (Reuters) – Oil prices were likely to stay in the range of $70 to $80 per barrel for the rest of this year, a Kuwait oil official said in remarks published on Sunday.

U.S. crude CLc1 settled above $77 on Friday and has traded above $70 for most of the year on optimism that the global economy would help oil demand recover from two years of contraction in 2008-2009.

OPEC-member Kuwait has curbed its output with the rest of the producer group since late 2008, when OPEC made record cuts in supply to match rapidly falling demand.

A price range of $70-$80 was fair for both consumers and producers, Sami al-Rushaid, chief executive of state-run oil and gas exploration and production arm Kuwait Oil Co, was reported as saying by local newspaper al-Seyassah.

Prices could dip to $65 from time to time due to concern about the global economy and oil demand, he said.

Oil price fluctuation was normal given the situation in the global economy, he said. The oil price dipped to near $64 a barrel in May, a 10 month-low, after earlier in the month hitting a 19-month peak over $87.

Kuwait, the world’s fourth-largest oil exporter, pumped around 2.3 million barrels per day in May, according to a Reuters survey.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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